Canola futures rebounded on Thursday, napping a seven-session skid as higher crude oil prices and strength in global vegetable oil markets boosted prices.
Crude oil gained due to tensions in Saudi Arabia, where the Houthi militia in the past two days has launched additional attacks against Saudi infrastructure targets like oil facilities, ports, and airports. Reports of tankers hitting sea mines in the Strait of Hormuz added to the upside in oil. Chicago soybean oil, European rapeseed and Malaysian palm oil all posted gains as well.
On the other side, a stronger Canadian dollar limited the advances in canola.
Meanwhile, the Prairie harvest is nearing completion, with Saskatchewan reporting its canola harvest was 96% complete as of Monday.
January canola added $5.80 to $791.30, and November 2027 gained $7.60 to $782.40.
