Canola futures closed higher on Tuesday, drawing support from strength in the broader oilseed complex and a lack of bearish surprises from the day’s USDA reports.
Chicago soybean futures moved higher following the prospective plantings and grain stocks data, which came in mostly in line with expectations and failed to signal a burdensome expansion in soybean acreage. That spillover support, combined with firm soybean oil values, helped lift canola prices.
Palm oil and European rapeseed were both higher today.
May canola was up $4.10 at $731.80, and November gained $2.80 to $736.60.
