Canola prices edged higher Tuesday in thin trade, reflecting strength in other parts of the oilseeds complex.
January canola at Winnipeg’s ICE Futures Canada exchange rose $2.90 per tonne to $581.50, March rose $3.30 to $589.80 and November rose $1.70 to $529.40 in the first session since Christmas.
Domestic crushers continue to buy canola and strong export prices continue to encourage selling and hedging by producers and grain companies.
Canola prices showed little volatility, kept in a box by rising and new contract high prices in overseas rapeseed and palm oil futures but lower Chicago soybean prices.
Canola prices have stayed slightly above the early November contract highs of almost $580, keeping alive hopes that canola might still have the legs to run higher.
Chicago soybeans have retreated from near the $13.80 per bushel level, corn has been near $6.25 and Minneapolis hard red spring wheat futures have found strength at $8.80.
Commodity and stock markets are usually quiet around the Christmas holidays.
Crude oil prices have remained above $90 per barrel, continuing to lend support to agricultural commodities because of the demand for ethanol and biodiesel.
The Canadian dollar has moved back above one-for-one parity, weakening crop prices in Canadian dollar terms.
Commodity markets and stock markets have gently drifted higher in thin trade in recent days.
