Canola futures climbed on Tuesday, as the market remained supported by diminishing old-crop supplies.
Reports today said farmer selling has also dried up as farmers remain busy in the fields planting the 2025 crop, adding to the old-crop supply squeeze. Some support was attributed in dryness in parts of Western Canada as well, although overall moisture conditions are generally better than a year ago.
Chicago soybean and soybean oil futures were a bit higher today, offering further support to canola, while palm oil was higher as well. Rapeseed futures were lower.
July canola climbed $13.70 to $732.20, and November added $6.30 to $694.30.
