Canola futures rebounded on Tuesday, clawing back a good portion of the previous day’s deep losses.
The bounce back in canola was largely tied to strength in competing vegetable oils and firmer crude oil. Chicago soybeans were higher today - and soybean oil futures strongly higher – with gains in European rapeseed and palm oil offering support as well.
Gains in soybeans were attributed at relief that a planned meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping will still ultimately go ahead, even as Trump said it may be delayed five or six weeks. It was uncertainty over that meeting yesterday that led to limit declines in both soybeans and soybean oil.
May canola jumped $26.90 to $729.50, and November was up $28.60 to $727.30.
