Canola futures rode the coattails of the Chicago soy complex higher on Wednesday.
Nearby soybean futures surged after US President Donald Trump wrote on Truth Social followiing a call with Chinese leader Xi Jinping that China might consider purchasing up to 20 million tonnes of American soybeans in the current marketing year. Beijing in late October agreed to purchase 12 million tonnes, a target that has already been hit. Soybean oil and meal moved higher on the day as well.
Gains in crude oil and losses in the Canadian dollar were supportive for canola as well. Palm oil provided little direction, while European rapeseed was higher.
On the other side, large domestic supplies following a record 2025 harvest continue to overhang the canola market.
March canola gained $9.80 to $659.10, and November was $7 higher at $668.80.
