Canola rallied for the fourth time in five days on Wednesday, overcoming strength in the Canadian dollar.
Chicago soybeans and soyoil were higher, while gains in European rapeseed and Malaysian palm oil added support, allowing canola to take back some of the previous day's sharp declines. Crude oil also advanced, providing spillover into vegetable oils. The lack of a clear path to a resolution in the Middle East is keeping the Strait of Hormuz closed and limiting crude supplies from the Middle East, keeping upward pressure on oil prices.
Canola gained even as the Canadian dollar hit a 2 ½-month high against its U.S. counterpart, strength that was largely attributed to an apparent Canada-U.S. trade agreement that has led to a pause in American tariffs that were set to be implemented today.
November canola was up $14 at $819.90, and January gained $13 to $827.90.
