Canola futures posted just modest advances on Monday, even as the Chicago soy complex rallied strongly on the framework for a new US-China trade deal.
Following meetings between US and Chinese officials in Malaysia, US Treasury Secretary Scott Bessent said Sunday that China will make “substantial” purchases of US soybeans. The news helped to power soybean futures to new four-month highs in trading today, with soybean oil and meal also rising. However, the details of any potential deal remain uncertain, with US President Donald Trump to meet with Chinese President Xi Jinping at the APEC Summit in South Korea later this week.
Canadian Prime Minister Mark Carney is also expected to meet with Xi at the APEC Summit, with Canadian canola seed, meal and oil still subject to prohibitive Chinese tariffs.
January canola added $1.50 to $634, and March was up 70 cents at $645.90.
