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Canola Supported by Hot Weather

Canola futures ended stronger on Wednesday, as ongoing Prairie weather concerns provided support.

Environment Canada has issued heat warnings across nearly all of Western Canada, with little moisture in the forecasts to alleviate the high temperatures. Gains in Chicago Board of Trade soyoil futures were also supportive for canola, with world vegetable oil markets underpinned by solid demand, tight supplies and strength in crude oil.

July canola gained $11.50 to $908.20, November was up $11.20 to $750 and January ended $7.30 higher at $744.50.

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