Canola futures clawed back about half of the previous day’s hefty losses on Tuesday.
Canola fell in sympathy with Chicago soybeans and soybean oil, which both fell to seven-week lows on Monday amid US biofuel uncertainty. However, gains in crude oil today spilled over to support soyoil, lifting soybeans and canola as well. Crude was up 2% to two-week highs on rising geopolitical tensions.
Gains in European rapeseed and palm oil also supported canola.
July was up $11.90 to $698.70, and November added $12.30 to $680.20.
