Canola futures finished mixed on Wednesday with declines in the more heavily-traded old crop months.
The nearby March contract hit a new contract high of C$1,020.50/tonne earlier in the session, with support for the Canadian oilseed coming from strong upticks in the Chicago soy complex, Malaysian palm oil and European rapeseed, which saw new contract highs as well. Increases in global crude oil prices also lent support to edible oil values.
However, profit taking came forward to pull the market lower.
Tight supplies and the need to ration demand continued to underpin canola. However, there are ideas the market is now overvalued.
January canola fell $3.80 to $1,018.80, March was down $2.20 at $1,010.70 and May gained $1.10 to $977.70.
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