Canola rebounded on Thursday from the previous day’s losses, with a weaker Canadian dollar offering some support.
Other vegetable oils provided no clear direction, with European rapeseed and Chicago soybean oil both higher but palm oil lower. Crude oil was also lower. Soyoil is showing some positive momentum, which should be beneficial for canola as it continues to work away at overhead resistance.
Soybeans also ended with losses today, weighed down by forecasts suggesting much-needed rain for the Argentina soybean crop around the middle of this month and perhaps persisting into February.
March canola was up $6.80 at $628.50, and November gained $6.50 to $614.20.
