North American grain/oilseed review: Canola follows soy higher

The ICE Futures canola market was stronger on Wednesday, with chart-based positioning and spillover from advances in the Chicago soybeans and soyoil providing support.

A move above C$650 per tonne in the January contract was constructive from a chart standpoint, with nearby trendlines pointing higher, according to an analyst.

A lack of significant export demand remained a bearish influence tempering the upside in canola, with a firmer tone in the Canadian dollar also pressuring values.

U.S. markets will be closed for Thanksgiving on Thursday and only open for reduced hours on Friday.

There were 38,815 contracts traded on Wednesday, down from Tuesday when 40,682 contracts changed hands. Spreading accounted for 25,450 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were stronger on Wednesday, with talk of increased purchases from China providing support.

After a call between U.S. President Donald Trump and Chinese President Xi Jinping earlier in the week, Trump claimed that Xi had agreed to accelerate purchases of U.S. goods.

However, with only a month left in the calendar year many traders remain skeptical that China will purchase the 12 million tonnes of soybeans targeted by the White House.

U.S. markets will be closed Thursday for Thanksgiving and only open for reduced hours on Friday.

CORN futures moved higher, with pre-Thanksgiving positioning a feature.

Weather forecasts calling for stormy weather across much of the Midwest that could hamper grain movement provided some support. Ideas that China could also be in the market for more U.S. corn also underpinned the futures.

WHEAT futures were mixed, with losses in spring wheat and gains in the winter wheats.

Ongoing peace talks to end the war between Russia and Ukraine were being followed by wheat traders. While Russian exports remain a bearish influence, damaged infrastructure in the Black Sea region was limiting movement.

The advancing harvests in Australia and Argentina weighed somewhat on wheat prices, with fresh supplies starting to become available from the Southern Hemisphere.