Canola futures posted solid gains on Friday, supported by rising crude oil prices and strength across the global vegetable oil complex.
Canola contracts closed higher for the fifth straight day as a powerful rally in energy markets lifted sentiment across oilseeds. U.S. crude oil climbed to above $90/barrel, the highest since 2023, amid escalating tensions in the Middle East and concerns about disruptions to shipping through the Strait of Hormuz.
Additional support came from strong price action in the Chicago soybean complex, particularly soybean oil. Soybean oil futures rallied sharply alongside crude oil because of their role as a key feedstock for renewable diesel and other biofuels. European rapeseed and palm oil also closed higher today, further underpinning canola.
On the other side, the Canadian dollar moved higher today, with some strength coming from the gains in crude.
May canola was up $10.90 to $730.80, and November added $6.90 to $726.
