Solid gains in Chicago soybean oil spilled over to lift canola futures on Wednesday.
Soyoil was higher amid expectations the US government will soon introduce its final biofuel regulations. Traders believe the regulations will boost demand for biofuel feedstocks like soyoil. Advances in palm oil and European rapeseed further underpinned canola.
Cooling geopolitical tensions also sparked a rebound in the outside markets, as US President Donald Trump today said he would not try to acquire Greenland by force. Trump also said later in the day he had reached a framework of a deal with NATO regarding Greenland.
March canola was up $10.30 at $646.50, and November added $7.90 to $659.20.
