Canola futures closed higher on Tuesday, managing to take back a portion of the steep losses over the previous two days.
Bargain buying and strength in competing vegetable oils provided support. Chicago soybeans were higher as well.
The gains came despite pressure from sharply lower crude oil, which fell as concerns eased somewhat over the U.S.-Iran conflict. Crude oil and gasoline prices settled sharply lower for a second day today, falling to one-week lows.
November canola was up $19.10 at $789.70, while January was $20.20 higher at $799.60.
