Canola futures settled with double-digit gains on Monday but finished off session-highs.
Strength in crude oil helped support canola as speculation grew over a potential curb in output from OPEC+. Rising crude oil prices spilled over into vegetable oils, with Chicago soyoil, European rapeseed and Malaysian palm oil also making gains. While canola crush margins are moderating, they are still much higher than typical levels.
On the other side, the Canadian dollar was stronger on Monday, putting pressure on canola prices.
Weather conditions look also favourable for harvest, with high temperatures ranging from the teens to low 20s degrees C early in the week before cooling off with sun and cloud throughout.
November canola was up $11.80 to $863.80, January gained $12.10 to $872.30, and March climbed $11.80 to $879.
