With traders coming back from the Canada Day holiday weekend, Canola futures ended modestly higher on Tuesday.
US markets were closed today for the Independence Day holiday, leaving canola to track the gains made by Chicago soybeans and soyoil on Monday. The soy complex continued to be underpinned by Friday’s wildly bullish USDA acreage report, which showed 2023 US soybean plantings well below March intentions and expectations.
Prairie conditions remain highly variable, with rainfall maps over the last 30 days showing large parts of Western Canada still unfavourably dry, but others getting hit with well above normal amounts.
November canola gained $3 to $739.40, January was up $1.60 at $744.50, and March added 90 cents to $748.60.
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