Canola futures ended higher on Tuesday, supported in part by a rebound in crude oil prices after fresh U.S. strikes in southern Iran renewed concerns about instability in the Middle East.
Stronger energy markets provided support to the vegetable oil sector and biofuel-linked commodities, helping to boost canola despite weakness in Chicago soybean futures. Soybean oil closed higher, along with European rapeseed and palm oil. Gains in crude oil, which climbed back above US$100/barrel, reinforced expectations for steady demand from the renewable fuel sector.
July canola gained $14.50 to $750.70, and November was $13.70 higher at $760.30.
