Canola futures closed higher on Wednesday, overcoming steep losses in crude oil.
Canola fell heavily a day earlier on hefty losses in Chicago soybean oil, but soyoil managed to rebound today, helping to lift canola. Soybeans also managed gains today.
Tuesday’s Manitoba crop report showed planting in that province at 2% complete, in line with the five-year average. However, no canola planting was yet reported.
July canola was up $7.70 at $625.70, November gained $7.60 to $642.60, and January was $7.70 higher at $651.50.
