Canola Prices Inch Up on Mixed Signals

The canola market saw small gains on Wednesday morning, despite mixed signals from comparable oils. Crude oil was slightly lower, putting pressure on vegetable oils. In contrast to declines in Chicago soyoil and European rapeseed, soybeans and soymeal prices increased.

Positioning ahead of the US Department of Agriculture's supply and demand report influenced canola markets. The November canola contract lagged behind its 20-day moving average but remained above other technical levels. Canola crush margins held virtually unchanged between C$269.60 to C$279.40 per tonne.

The Canadian dollar nudged up on Wednesday morning, reaching 71.86 U.S. cents compared to Tuesday's close of 71.80. Manitoba Agriculture reported that the province's canola is generally in the podding stage with some colour change occurring and swathing in the central region.