Canola futures closed higher on Tuesday, with strength in crude oil providing much of the support.
Energy prices rallied as renewed U.S.-Iran tensions and Houthi attacks on Saudi energy infrastructure heightened concerns about Middle East supplies, helping lift vegetable oils and biofuel-linked markets. Chicago soyoil was also firmer during the session, adding spillover support to canola. European rapeseed was mainly higher, while palm oil ended mixed.
Weather concerns across the Prairies were also supportive, with rain and cooler conditions threatening to slow harvest progress and raise quality concerns in parts of Alberta and Saskatchewan. Frost and light freezes will also be possible over the weekend and could impact any crops that are not fully mature, World Weather said in a report today.
November was up $16.60 at $839.10, and January was $15.60 higher aty $848.30.
