Canola futures continued to push higher on Tuesday, even as hard-charging Chicago soybean oil took a breather.
After sharp gains both Friday and Monday in the wake of the US EPA’s bullish biofuel blending mandate proposal, soyoil relaxed today. However, canola ended higher for the third straight day, bolstered by advances in crude oil, as well as palm oil and European rapeseed.
Tight old-crop supplies and new-crop production uncertainty continued to underpin the market as well. Western and northern Alberta are forecast to get significant rain later this week, followed by notable rain in western and northern Saskatchewan.
July canola was up $1.40 at $744.50, and November gained $3.90 to $739.80.
