Canola futures ended with double-digit advances on Tuesday amid strength in global vegetable oils.
Production concerns helped to rally palm oil prices today, as did an economic stimulus package unveiled by China’s government on Monday that offered broad support to commodities in general. Chicago soybeans and soybean oil were also higher today, as was European rapeseed.
On the other side, workers at Port of Vancouver grain terminals hit the picket line this morning, a labour disruption that is expected to negatively impact bulk grain exports. In a statement today, the Canola Council of Canada called upon the federal government to take all necessary measures to ensure Canadian supplies can continue to flow to international export customers.
Federal Labour Minister Steve MacKinnon said on social media that both sides in the port dispute have agreed to resume talks with the help of federal mediators.
November canola was up $16.30 to $603.60, and January added $15.40 to $616.10.
