Canola futures closed higher for the third straight day on Thursday, posting modest advances on Chicago soy complex strength.
The soy complex was boosted by expectations that a White House event tomorrow where the Trump administration is expected to announce biofuel-related measures, including the long-awaited 2026-27 renewable fuel blending quotas. That prospect boosted expectations for vegetable oil demand and spilled over into canola, while firmer crude oil also lent outside-market support. European rapeseed and palm oil were both higher as well.
A weaker Canadian dollar was also supportive for canola.
May canola was up $2.20 at $728.50, and November added $2.70 to $735.70.
