ICE Close: Strong Gains for Canola

Canola futures finished higher on Tuesday, gleaning strength from gains in the Chicago soy complex.

Additional support came from increases in European rapeseed, while declines in Malaysian palm oil weighed on values. Dwindling canola supplies remained supportive.

The Prairie weather will soon become a factor with above normal temperatures forecast for the next 10 days. The warmer weather will add to issues already caused by a thin snow cover across much of the region, along with low soil moisture levels.

May canola was up $13.70 at $753.10, July added $10.30 to $715.60 and November was $5.20 higher at $601.20.

Source: DePutter Publishing Ltd.

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