Canola futures got back to their winning ways on Thursday, closing higher ahead of the Christmas break.
Concerns over tight Canadian canola supplies remained supportive as the market bounced back from liquidation and profit taking losses the previous day. Strength in Chicago soyoil and Malaysian palm oil added to the upside in canola, which continues to trade near 2013 highs. European rapeseed was narrowly mixed on the day.
Strength in the Canadian dollar was a limiting factor.
Volatility is expected to be a feature of next week’s trade, amid small volumes.
January canola was up $7 at $630.90, March added $7.60 to $628.40 and May gained $6 to $616.10.
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