Canola futures ended stronger on Wednesday, as a rally in the Chicago Board of Trade soy complex on the back of a pair of bullish reports provided support.
Acreage and quarterly stocks numbers from the USDA sparked a rally in soybeans, which spilled into canola, with planted area coming in well below trade expectations and quarterly stocks seen as tight. Record-high temperatures across Western Canada this week, with little precipitation in the immediate forecasts to alleviate the heat, contributed to the gains in canola.
Canadian markets will be closed Thursday for Canada Day, while US markets remain open. Positioning ahead of the holiday likely accounted for some of the activity in canola. U.S. markets will be closed Monday, July 5, for Independence Day.
July canola was up $30 at $839.50, November added $17.10 to $811.70 and January was $20.70 higher at $809.
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