Canola futures closed sharply higher on Tuesday, as strong crude oil gains and strength across global vegetable oil markets lifted prices.
U.S. crude oil surged more than $4/barrel as renewed U.S.-Iran fighting revived concerns about Middle East supply disruptions, helping lift the Chicago soy complex and soybean oil. European rapeseed and Malaysian palm oil were also higher, adding further support.
Crude oil prices soared on Tuesday after two oil supertankers were struck by projectiles late Monday while attempting to exit the Strait of Hormuz.
A weaker Canadian dollar provided an additional support for canola.
November canola jumped $28.70 to $841.90, while January gained $29 to $852.30.
