Canola futures closed higher again on Wednesday, extending gains after last week’s deep losses.
Advances in European rapeseed and palm oil helped to support canola, even as the Chicago soy complex declined amid fears that tariffs will disrupt US agricultural trade flows. Meanwhile’s China’s planned 100% tariffs on imports of Canadian canola oil and canola meal – which prompted last week’s market selloff - officially take effect Thursday.
In the days ahead, the gains in canola are likely to slow and give way to more sideways action.
May canola was up $10 to $584.20, and November added $6.80 to $598.50.
