Canola futures closed higher on Tuesday, with gains in the old-crop July contract outpacing the advances in new-crop November.
Concerns about the dwindling old crop supply once again underpinned the canola market, with the latest numbers from the Canadian Grain Commission continuing to show domestic use and exports running well ahead of last year and the five-year average pace.
Advances in the Chicago soy complex and gains in European rapeseed futures and palm oil added to the upside in canola. On the other side, the Canadian dollar was higher.
July canola was up $15.60 at $718.30, and November was $7.30 higher at $681.