Canola futures posted sharp gains on Tuesday, as the market caught up to the strong advances posted in the Chicago soy complex the previous day.
U.S. prices surged on Monday after the White House released a fact sheet over the weekend that said China had agreed to purchase $17 billion in American ag products annually through 2028 following last week’s summit between U.S. President Donald Trump and Chinese leader Xi Jinping. Canola did not trade on Monday due to the Victoria Day holiday.
The Chicago market was just mixed today, but canola moved higher with the previous day’s strength regardless. European rapeseed and palm oil both closed lower today after moving higher Monday.
July canola jumped up $19.60 to $757.70, and November was 414.50 higher at $763.70.
