Strength in Chicago soybeans and soybean oil provided spillover support for canola, with declines in the Canadian adding to the upward momentum. European rapeseed was higher as well, although palm oil provided no clear direction and crude oil was a bit lower.
The most consistent driver for canola has been rising soybean oil, which is lifting the whole veg-oil complex and pulling canola higher with it. Firmness in rapeseed and palm oil are reinforcing the broader oilseed tone. The July canola contract gained more than $2 today to settle slightly above the $700/tonne level, the highest since August.
May canola gained $2.60 to $691.60, and November was up $3.30 at $695.10.
