The canola market has risen quite strongly in recent weeks due to weather concerns in the Midwest and in western Canada, despite a disappointing EPA biofuels announcement on June 21. The November ICE canola futures contract gained $73 per metric ton (MT) in the last two weeks, rising to its highest close in three months. The weather concerns recently caused funds to exit their short position in canola and other oilseed markets. Soybean oil futures dropped a whopping 400 basis points on June 21 due to the EPA announcement, which muted canola gains on the day.
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Canola markets higher despite EPA biofuels announcement
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