ICE Canadian canola futures closed higher on Wednesday on a technical bounce after Tuesday's 1 percent decline, traders said. A softer Canadian dollar lent support. The currency weakened against its US counterpart as domestic data showed lower factory shipments and the greenback broadly rose ahead of the release of Federal Reserve minutes.
Strength in canola capped by improving weather in the Canadian Prairies that should bolster harvest progress after recent weather delays. November canola settled up $2.20 at $494.70 per tonne and stayed inside of Tuesday's trading range.
Most-active January canola ended up $2.40 at $502.30, staying inside of Tuesday's trading range. The November-January canola spread traded 7,460 times between $7.10 and $7.90, premium January, as investors rolled positions forward. The Chicago November soybeans settled up 1 US cent at $8.85-3/4 per bushel in technically driven trade. November Paris Matif rapeseed futures rose 0.2 percent and Malaysian December palm oil futures rose 0.87 percent.
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