Canola futures reversed earlier losses to close higher on Tuesday.
Canola futures did not trade on Monday in observance of National Truth and Reconciliation Day so was playing catch up with the US markets, which were influenced by Monday’s USDA grain stocks and small grains reports.
Rising tensions in the Middle East boosted crude oil today, offering support to the vegetable oils, although Chicago soyoil was lower on the day. The end of the strike at Port of Vancouver grain terminals ended over the weekend but appeared to have little impact on the canola market.
November canola was up $7 at $610.80, and January added $7.70 to $624.
