Canola futures closed higher on Monday, more than recovering the losses from Friday.
Good gains in Chicago soybean oil helped to underpin canola. Soyoil moved higher on reports India could be reducing its tariffs on US soybean oil as part of a new trade agreement between the two countries. India, the largest importer of palm, soybean, and sunflower oils, now sources most of its supplies from Southeast Asia and South America but the drop in tariffs could make American product more competitive.
Crude oil was also stronger today, but European rapeseed and palm oil were both mixed. Gains in the Canadian dollar helped to limit canola gains.
The USDA will release its monthly supply-demand update tomorrow at noon ET.
March canola was up $4.90 at $665.70, and November was $5.30 higher at $673.90.
