WINNIPEG, Manitoba--There was another round of strong gains in Intercontinental Exchange canola futures at mid-session Wednesday, as the Canadian oilseed is influenced by a number of factors.
An analyst said canola is being pulled higher on seasonal support, good demand, lingering concerns about the recent Prairie heatwave, and gains in European rapeseed.
The analyst also said there's spillover from hikes in wheat futures that's spilling over into corn, soybeans and canola.
Meanwhile, Malaysian palm oil and crude oil were slightly lower, attempting to stem the upswing in canola.
The November canola contract pushed further above its major moving averages, further underpinning the oilseed.
