Canola futures went along for the ride on Monday following a rally in the Chicago soy complex.
The soy complex strength was sparked by US President Donald Trump’s social media post earlier today that China should quadruple its purchases of American soybeans, as a means of reducing its trade deficit with the US. Although such heavy buying seems unlikely, the soybean market rallied strongly. Soyoil and soymeal were higher as well.
Rainfall over the past week has improved soil moisture levels in many parts of Western Canada, although some pockets of dryness remain. Additional precipitation is expected this week in western, northern and some eastern crop areas while the southwest trends drier, according to World Weather Inc.
November canola was up $11.40 at $680.80, and January was $11.20 higher at $692.20.
