Canola futures posted strong gains to open the week, riding higher with the advances in crude oil.
Crude moved higher as renewed tensions in the Middle East rattled energy markets and raised concerns about global supply disruptions. U.S. crude futures were up around $4.50/barrel to about $87 this afternoon as fears grew that a fragile ceasefire between the U.S. and Iran could collapse.
Chicago soybean oil was higher as well, but soybeans were just mixed. European rapeseed moved higher, while palm oil was mainly lower.
July canola gained $15.10 to $727.10, and November was up $11.90 at $723.50.
