Canola futures closed higher on Tuesday, rising on Canada-China trade hopes.
China’s ambassador to Canada on the weekend said China would be prepared to drop its current tariffs on Canadian canola and other ag products if Ottawa would scrap its own levies on Chinese EVs. The comments offered some hope in the face of the current stalemate, which has effectively blocked Canadian canola shipments to China, a major buyer.
Gains were limited by little change in Chicago soybean oil futures and declines in European rapeseed and palm oil.
November was up $8.20 to $615.60, and January was $7.50 higher at $630.10.
