Canola futures continued their upward trek on Tuesday, with advances in Chicago soyoil helping to power the market higher.
Strength in palm oil also boosted canola, which shrugged off a Statistics Canada stocks report this morning that pegged national canola stockpiles as of March 31 at 8.263 million tonnes, a 17.5% increase over a year earlier and the highest for that date since 2020.
Parts of Western Canada are getting heavy rain, which will delay planting but improve moisture conditions. Fieldwork is expected to resume in some areas by later this week or the weekend.
July canola gained $6.20 to $667.10, November was up $6 at $681.40, and January was $4.90 higher at $686.70.
