Canola futures continued higher on Wednesday, with the market continuing to garner support on China trade hopes.
The market climbed on Tuesday after China’s ambassador to Canada said Beijing would be willing to drop its tariffs against Canadian canola if Ottawa dropped its levies against Chinese EVs. Hope for an end to the current trade stalemate remained a supportive influence today, while gains in Chicago soybean oil, European rapeseed, and palm oil further underpinned the market.
Reports said tightening Canadian logistics also boosted canola.
November canola was $4.80 higher at $620.40, and January gained $4.20 to $634.30.
