Canola futures settled mixed on Tuesday following the long holiday weekend, with modest losses in the nearby March contract but small gains in new-crop November.
Gains in Chicago soybeans and soybean oil were supportive for canola, as was a weaker Canadian dollar. On the other hand, both European rapeseed and palm oil suffered losses. Crude oil was also lower on the day.
Overall, Canola futures remain strong but are consolidating. Large Canadian supplies and weak exports are a clear fundamental ceiling, while domestic crush strength and biofuel/veg-oil spillover provide support.
March canola eased $1 to $662.50, and new-crop November was up 70 cents at $679.90.
