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Canola Settles Higher after Early Losses

Canola futures managed to settle with small gains on Friday, recovering from earlier losses late in the day.

Speculators were behind much of the activity throughout the session, adjusting their positions ahead of the weekend. Losses in Chicago Board of Trade soybeans put some spillover pressure on the Canadian oilseed. However, gains in soyoil provided some underlying support. Malaysian palm oil was also up overnight.

Weakness in the Canadian dollar was also supportive. While export demand is being rationed at current price levels, solid demand from domestic crushers contributed to the eventual gains.

March canola ended 30 cents higher at $1,022.30, May was up $3.70 at $1,009.10 and November gained $1.50 to $827.40.

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