Canola futures remained pointed higher on Thursday, as the market continued its New Year’s rally.
As can be seen on the March futures chart below, canola has chugged mainly higher since the calendar flipped to 2026, reaching its highest since around the middle of December.
Support today continued to come from trade optimism, following the news that Prime Minister Mark Carney will travel to China next week, hopefully leading to some resolution on the Chinese tariffs that are levied against imports of Canadian canola seed, meal, and oil.
Chicago soybeans and soybean oil were lower today, along with palm oil. However, European rapeseed was higher.
March canola gained $5.90 to $625.90, and November was up $6.30 at $640.70.
March canola: source – Barchart
