Canola futures closed higher again on Thursday, hitting fresh contract highs as bullish technical signals and gains in Chicago Board of Trade soybeans kept fund traders on the buy side.
A lack of significant selling pressure on the other side, with farmers busy with the harvest and other participants content to keep to the sidelines as prices climb higher, added to the firm tone. Gains in Chicago Board of Trade soybeans and Malaysian palm oil provided additional spillover support for canola, although soyoil held near unchanged.
Seasonal harvest pressure and ideas canola was looking overbought kept canola off its highs for the session.
November canola was up $1.70 at $531.90, January was $2 higher at $538.90 and March gained $1.60 to $544.80.
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