The rally in canola futures continued Wednesday, albeit with small gains.
Canola overcome weakness in Chicago soybean oil, European rapeseed, and palm oil today, with the market continuing to move higher in the wake of last week’s Statistics Canada crop production report which pegged the 2024 Canadian crop at 17.84 million tonnes, down from the federal agency’s previous projection of just under 19 million.
Advances in crude oil provided further support for canola.
January canola inched up 40 cents to $622.10, and new-crop November gained $2.40 to $615.60.
