Continued strength in vegoils helped to lift canola futures to gains on Friday.
December Chicago soyoil hit a new four-month high today, buoyed by market ideas that imported biofuel stocks could be subject to new tariffs imposed by US President-elect Donald Trump. Rallying palm oil also spilled over to boost soyoil and in turn canola.
Today’s USDA supply-demand update was largely uneventful, containing nothing that would derail the rally in canola. Meanwhile, both domestic and export canola demand remains strong.
January canola was up $5.30 at $665.10, and March added $5.50 to $677.90.
