Crude oil helped to lead the way higher as canola futures settled with gains on Tuesday.
U.S. crude oil futures gained for the seventh straight day today, climbing above the $100/barrel benchmark, as the U.S. and Iran still appear no closer to ending their conflict which has largely closed the Strait of Hormuz. About 20-25% of the world’s seaborne oil supply flows through the strait.
The gains in crude sent Chicago soybean oil futures higher as well, although soybeans were just mixed on the day. European rapeseed was also higher, while palm oil closed with losses. Weakness in the Canadian dollar was supportive for canola.
July was up $6.10 at $747.90, and November added $6.70 to $744.70.
