Canola futures rallied for the fourth straight day on Thursday.
Reports said sentiment in canola remains positive, with good Chinese demand for canola seed helping to support prices, despite current Chinese tariffs on canola meal and canola oil. Canadian old-crop canola supplies also remain tight.
The Chicago soy complex was higher today, with soybeans supported by a slightly deeper-than-expected cut to projected 2024-25 US ending stocks. European rapeseed and palm oil were higher as well.
May canola was up $2.60 at $654, and November added $1.60 to $638.40.
