Canola futures closed higher on Monday, even as crude oil backed off.
Advances in Chicago soybean oil, as well as palm oil and European rapeseed offered support to canola, as did a weaker Canadian dollar, which improves the competitiveness of Canadian canola exports.
Meanwhile, continued wet conditions in parts of Western Canada are causing saturated fields, delayed spraying and other fieldwork, as well as the potential for uneven crop development. More rain is in the forecast for the Prairies this week. Seasonable to seasonably cool temperatures are slated through mid-week.
Crude oil retreated as signs of progress in peace talks between the U.S and Iran reduced concerns about potential disruptions to global energy supplies.
November canola gained $11 to $744.10, and January was $10.50 higher at $751.70.
