Canola futures closed higher for the third straight day on Tuesday, with European rapeseed woes continuing to offer support.
There are reports rapeseed yields in Europe could fall 20-30% on wet and cool conditions, a fundamental factor that is spilling over to support canola. Repositioning by speculative funds is also helping to boost the market, as is still-dry conditions in Western Canada ahead of spring planting.
May canola gained $7.50 to $634.40, July added $5.60 to $646.20, and November climbed $4.60 to $658.90.
