Canola closed higher for the third straight day on Monday as gains across much of the vegetable oil complex supported prices.
Chicago soybeans were solidly higher today, while soyoil also posted strong gains – with some of the soy complex strength linked to heavy rain and flooding in parts of the eastern Midwest and ongoing dryness in the western regions. Crude oil and gasoline prices rallied to three-week highs today and settled sharply higher. Concerns that the U.S.-Iran war will remain unresolved and keep Middle East oil supplies limited boosted energy markets.
European rapeseed posted more modest gains and Malaysian palm oil was relatively steady.
November canola was up $8.50 at $827.40, and January was $9.90 higher at $836.30.
