Canola futures closed higher Wednesday as the market continued to be underpinned by tight old-crop stocks.
Gains in Chicago soybean oil added to the upside in canola, as did advances in palm oil and weakness in the Canadian dollar. On the other hand, European rapeseed was lower on the day.
July canola has gained more than $100/tonne since hitting a low of around $570 in mid-March. New-crop November has also moved higher, although the gains have been more modest.
May canola was up $3.20 today at $676, and November gained $2.40 to $652.90.
