Winnipeg Commodity Exchange canola futures settled higher on Wednesday, pulled by a rally in US soya futures that prompted commission house and speculative buying, traders said. Canola ended $1.10 to $3.10 per tonne higher, with November up $2.80 at $412.90 and January up $2.40 at $422.40.
"There is good support coming from the soyabean complex," trader said. "That is the story in a nutshell. Weather concerns in the US got all these markets going." At the Chicago Board of Trade, November soyabeans ended 18-3/4 US cents per bushel higher at US $9.41-1/2 and December soyabean oil was up 0.22 US cent per pound at 38.94 US cents. Canola rose on buying by speculators, crushers and commission houses but the gains were limited by hedge pressure, the strong Canadian dollar and a lack of export demand, traders said.