Canola futures overcame early weakness to finish modestly higher on Monday, supported by a recovery in global vegetable oil markets and a weaker Canadian dollar.
Although crude oil remained lower on the day, its losses narrowed significantly during the session, helping Chicago soybean oil and European rapeseed to move higher and boost canola. The Canadian dollar declined as the market awaited this week's Bank of Canada interest rate announcement.
On the other hand, there were sharp declines in Chicago soybean and soybean meal futures, while palm oil was weaker.
January canola was up $1.20 at $793.80, and November 2027 gained $5.50 to $790.10.
