Strength in Chicago soybeans buoyed canola futures on Tuesday.
Soybeans posted double-digit advances for the second straight day today on hopes the US and China will be able to clinch a trade deal when the leaders of the two countries meet at the APEC Summit in South Korea on Thursday. US officials say a framework of the deal could see China buy substantial quantities of American soybeans.
Hopes that Canadian Prime Minister Mark Carney may be able to make some progress on trade when he meets with Chinese President Xi Jinping at the APEC Summit also supported canola. Chinese imports of Canadian canola seed, oil, and meal continue to be subject to hefty Chinese tariffs, essentially shutting down trade.
On the other hand, Chicago soybean oil finished lower today, as did palm oil. European rapeseed was mainly higher.
November canola was up $5.50 at $624.70, and January was $4.80 higher at $638.80.
