Some canola futures contracts edged into new-high territory Wednesday, tickling an upside resistance line that many have feared could put a cap on the half-year rally.
January canola closed at $575.40, up $6 per tonne from Tuesday, and March closed at $583.40, up by $7.
New crop November canola futures closed up $3.20 at $525.20.
Canola was influenced by a slight gain in Chicago soybean prices, a moderate gain in corn prices and a surge in all the North American wheat futures contracts.
Hard red spring March wheat futures in Minneapolis rose 12 cents to about $8.70 US per bushel, hard red winter wheat in Kansas City leapt about 18 cents and Chicago soft red winter wheat surged by 17 to 18 cents.
Oats broke the pattern of crop price increases, falling more than two cents per bu. to about $3.92 per bu.
Commodities shared a jolly pre-Christmas day with the equity markets. U.S. markets rose gently through the day while Canadian markets were close to flat.
Crude oil punched through the $90 mark to reach a two-year high, while gold fell slightly to $1,386.90.
