Canola futures gained on Monday as the Chicago soy complex continued to move higher in the wake of Friday’s friendly USDA supply-demand update.
The advances in canola were more moderate compared to the US market, with a stronger Canadian dollar helping to limit some of the upside.
Questions remain – especially with the looming threat of tariffs from the incoming Trump administration - but short-term guidance on the clean fuels production credit from the US government on Friday appeared favourable for soyoil, and potentially canola as well, given that it proposed non-US origin cooking oil no longer be permitted as an eligible feedstock in biofuel production.
March canola was up $6.10 at $647.70, and November added $8.10 to $639.80.
