Strength in Chicago soybean oil helped to lift canola futures to gains for the second straight day on Tuesday.
Advances in soybeans also underpinned canola, although meal was lower. European rapeseed was higher and palm oil lower. Losses in the Canadian dollar boosted canola as well, as did some easing in seasonal harvest pressure. Today’s Manitoba crop report showed the overall harvest at 86% complete, with canola almost finished at 92%.
November canola gained $7.50 to $615, and January was up $7.70 at $628.10.
