Canola futures closed higher Tuesday, recovering part of Monday’s sharp decline amid bargain buying and strength in Chicago soybeans.
Monday’s selloff had been tied in part to disappointment over the Trump-Xi summit, particularly China’s decision to leave soybeans out of its latest tariff reductions. With soybeans clawing back some of those losses Tuesday, canola gained as well.
On the other side, crude oil fell today as Middle East export flows improved following the restart of Saudi Arabia’s East-West pipeline and renewed loadings from the Red Sea port of Yanbu. Harvest pressure also remained a limiting influence, with generally favourable weather across the Prairies.
November gained $14.70 to $822.30, and January was $15.30 higher at $835.70.
