Canola futures closed stronger on Monday, with support coming from good gains in the Chicago soy complex and European rapeseed.
Some of the strength in the soy complex was linked to drought in China, which is threatening that country’s soybean crop and may lead to increased imports.
Relatively good conditions for the Prairie canola crop remained an undermining factor. Rain is forecast for the early part of this week, but dry weather is expected to return for the remainder of the week and into the weekend, which should allow further harvest progress.
November and January canola both gained $28.40 to close at $846.80 and $855.30, respectively. March was $26.40 higher at $859.20.
Click here to see more...