Canola futures posted moderate advances on Tuesday, reclaiming a portion of the previous day’s hefty losses.
Crude oil remained pointed lower after steep losses on Monday, but strength in palm oil, European rapeseed and Chicago soybean oil offered support.
Strong demand continues to underpin the market as well. A Statistics Canada report earlier today showed Canadian processors crushed 933,065 tonnes of canola last month. That was up 9.7% from the August crush of 850,529 tonnes and 1.2% above September 2023, which marked the previous high for the month.
November canola was up $5.30 at $631.80, and January was $7.50 higher at $647.20.