Canola futures finished modestly higher on Tuesday, shrugging off weakness in crude oil.
U.S. crude fell to a three-week low as hopes increased for an agreement to reopen the Strait of Hormuz and Saudi Arabia moved more oil through the Red Sea. However, a weaker Canadian dollar and underlying demand helped canola resist the negative energy influence, with traders also appearing reluctant to press the market lower amid production uncertainty
November canola gained $2.50 to $760.70, and january was $3.20 higher at $770.70.
