Canola futures continued to climb on Monday in the wake of strength in Chicago soybean oil futures.
After rising the daily limit on Friday in reaction to higher-than-higher expected biofuel blending proposals from the US Environmental Protection Agency (EPA), soybean oil futures were sharply higher again today amid expanded trading limits. Palm oil was also higher today. On the other hand, both crude oil and European rapeseed declined. The Canadian dollar was up as well, touching more than eight-month highs.
July canola climbed $12.10 to $743.10, and November added $12.70 to $735.90.
