Strength in Chicago soybean oil lifted canola futures on Thursday, the third straight day of gains.
The entire Chicago soy complex was boosted today by reports the American government has asked the US crude oil and biofuels industries to work out an agreement on the next national renewable fuels standard. The two sides have typically wrangled in the past over the issue but there was optimism today that renewable diesel and biodiesel mandates could rise from current levels, further boosting soybean oil demand.
Gains in European rapeseed and palm oil further bolstered canola.
May canola was up $10.50 at $599.40, and November was $5.10 higher at $600.70.
