Canola futures ended with gains on Thursday, following soybean oil higher on forecasts for increased soyoil use for biofuel production in 2026-27.
At its annual Agricultural Outlook Forum earlier today, the USDA forecast that based on current government policy, soybean oil use for biofuel in 2026-27 will rise to 17.3 billion lbs, up 2.5 billion from the prior marketing year. Crude oil, European rapeseed, and palm oil also finished higher on the day, further underpinning canola.
On the other side, gains in the Canadian dollar helped to limit the upside in canola.
March canola added $2.40 to $673.10, and November was $1.70 higher at $689.50.
