Canola futures rallied Thursday amid gains in Chicago soybeans and especially strong advances in soybean oil.
Good export demand supported soybeans, while soybean oil jumped on reports the White House could deliver long-awaited US biofuel-blending quotas by March. Palm oil and European rapeseed were higher today as well, while crude oil declined.
Prime Minister Mark Carney’s visit to China continued today, but no breakthrough on Chinese tariffs on imports of Canadian canola seed and canola products was reported.
March canola was up $6.10 at $634.40, and November gained $3.90 to $644.70.
