WINNIPEG, Manitoba--Intercontinental Exchange canola futures were up sharply on Wednesday, as the Canadian oilseed seesaws between gains and losses from day-to-day.
An analyst said there's seasonal support for canola, good demand, and ongoing concerns about the Prairie crop due to wet conditions and the recent heatwave. The analyst said the November canola contract could climb to about C$800 per tonne.
That November contract was now more than C$30/tonne above its 50-day moving average.
Spillover from upswings in the Chicago soy complex and European rapeseed further underpinned canola. Losses in Malaysian palm oil had little effect on the gains. Crude oil was relatively steady, offering little direction to the vegetable oils.
Manitoba reported its canola was generally between the bolting and flowering stages, while fields planted later were in the four to six leaf stage.
