Canola futures closed higher on Tuesday, boosted by sharp gains in Chicago soybean oil.
Soyoil moved higher on crude oil strength, with soybeans also ending in the black. Stronger energy markets – linked to ongoing uncertainty and tensions in the Middle East - boosted sentiment around vegetable oils due to their role in biofuel production. European rapeseed and palm oil also finished with gains, with a lower Canadian dollar offering further support to canola.
In updated supply-demand estimates released Friday, Agriculture Canada tightened its 2026-27 canola ending stocks estimate from March due in part to a higher new-crop crush forecast.
Cargill formally announced today that its new canola crush facility near Regina, SK is now up and running. The plant will have the capacity to crush up to 1 million tonnes of canola annually.
July canola gained $7.90 to $735, and November was $6.50 higher at $730.
