ICE Close: Canola Rally Continues  

Canola futures made up more lost ground on Tuesday, as funds continued to exit short positions.   

Added support for canola came from strength in the Chicago soy complex and Malaysian palm oil. European rapeseed ended the day mixed. Modest upticks in crude oil prices lent minor support to the vegetable oils in general.  

The USDA attaché in Ottawa projected a slight decline in total new-crop Canadian oilseed production. The attaché pegged output at 24.7 million tonnes, down 1% from the previous year.  

A higher Canadian dollar helped to limit gains in canola. 

May canola was up $9.80 at $753.20, July added $14.70 to $742.10, and November was $12.40 higher at $716.50. 

Source: DePutter Publishing Ltd.

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