Canola futures managed modest gains on Thursday, boosted by strength in international veg oil markets.
With US markets closed for the Thanksgiving Day holiday, canola took its cue from advances in palm oil and European rapeseed. However, US President-elect Donald Trump’s tariff threat continued to overhang the market, as did ongoing uncertainty regarding China’s anti-dumping investigation.
Some support for the market continues to come from ideas of a tightening supply amid strong domestic and export demand amid the likelihood of a smaller than currently forecast 2024 Canadian canola crop.
January was down $6.70 at $571.30, and March lost $5.40 to $584.50.
