Canola futures ended with modest gains on Monday amid strength in crude oil and weakness in the Canadian dollar.
Canola also continued to draw underlying support from Prairie crop uncertainty, with uneven seeding and early establishment keeping some weather premium in the market. However, the rally was tempered by improving North American crop conditions, softer soybean futures and ample global oilseed supplies.
Chicago soybean oil and European rapeseed were both higher as well. Palm oil was mixed.
The Canadian dollar hit a two-month low against its American counterpart today.
Crude oil prices settled higher amid a flare-up in hostilities between Iran and Israel that threatens to derail a truce and complicate negotiations to end the war.
July canola added $4.30 to $761.30, and November was up $4.80 at $769.
