Canola futures continued to chug higher Thursday, with gains in the nearby contracts once again outpacing the advances in new-crop November.
Strong gains in Chicago soybean oil spilled over to support canola, with advances in European rapeseed also helping to boost the market. Palm oil was little changed. Tightening old-crop supplies continue to underpin canola as well, with the July contract now at a more than $40/tonne premium to November.
May canola jumped $16.40 to $692.40, and November was up $4.20 at $657.10.