Canola futures finished higher on Monday, with the January contract settling above the $800/tonne mark.
Chicago soybeans and soybean oil both posted gains, while European rapeseed and Malaysian palm oil also moved higher, providing positive spillover support to canola.
A sharp rally in crude oil added another layer of support. Oil prices jumped as Iran and Oman failed to reach an agreement to reopen the Strait of Hormuz, continuing to restrict Middle Eastern crude flows through the key shipping route. Energy markets were also boosted by a Houthi militant attack on a Saudi oil refinery, which added to concerns about global fuel supplies.
November canola gained $15.10 to $794.90, and January was $16 higher at $804.80.
