Canola futures closed higher on Thursday as a rally in crude oil spilled over into global vegetable oil markets.
Crude oil gained amid escalating tensions in the Middle East and concerns about potential supply disruptions. Chicago soybean oil and Malaysian palm oil futures also moved higher, as did European rapeseed.
However, advancing harvest activity across Western Canada limited the upside in canola. Saskatchewan reported Thursday that its canola harvest had reached 72% complete as of Monday, up sharply from 45% a week earlier, while Manitoba's canola harvest was 74% complete this week.
November canola was up $5.60 at $815.90, and January climbed $6 to $828.90.
