Strength in Chicago soybean oil and crude oil helped lift canola to gains on Thursday.
Soyoil was boosted by yesterday’s NOPA report, which showed soyoil stocks down almost 2% from the end of February, although still more than one-third higher compared to March 2025. The March soybean crush of 226.16 million bu was a new record for the month but still below expectations. Meanwhile, crude oil rallied as the Strait of Hormuz remains largely blocked amid geopolitical tensions and no immediate solution in sight.
Palm oil and European rapeseed were both higher today, while strength in the Canadian dollar limited the upside in canola.
May canola was up $4.50 at $710.40, and November added $3.90 to $722.80.
