Canola futures ended higher on Tuesday, supported by spillover strength from crude oil and another advance in the Chicago soy complex.
Firmer crude was supportive for vegetable oils and biofuel-linked markets, while gains in soybeans and soyoil helped lift sentiment in canola as traders continued to price weather and demand risk into the broader oilseed complex.
The move was also helped by a generally firmer grain and oilseed tone, with corn, wheat and soybeans all finishing higher, although gains were more restrained than Monday’s rally. Overly wet conditions and flooding across parts of Western Canada also continued to offer support for canola.
November canola gained $3.40 to $760.60, and January was up $4.60 at $770.70.
