Canola futures closed higher Monday, drawing support from the broader vegetable oil complex and another sharp rise in crude oil as the Iran war moved into its fifth week.
A key supportive feature was the strength in Chicago soybean oil, which climbed toward a fresh three-year high as higher crude prices improved the outlook for biofuel feedstocks. Soyoil was boosted by both the rally in crude and by the White House’s recently announced biofuel blending standards. Gains in European rapeseed and Malaysian palm oil reinforced that bullish tone, allowing canola to push higher even though the latest weekly Canadian Grain Commission data still showed canola exports running below year-ago levels.
May canola was up $7.20 at $727.70, and November added $5.90 to $733.80.
