Canola futures closed modestly higher on Thursday, supported mainly by another volatile day in energy markets.
Fresh Iranian attacks on crude oil infrastructure in the Middle East region initially sent oil prices sharply upward, helping underpin the oilseed complex. Canola managed to keep its gains even though crude later pulled back, with added support coming from firmer Malaysian palm oil and a slightly weaker Canadian dollar.
The upside was somewhat limited by mixed outside vegetable oil markets, as Chicago soybean oil and European rapeseed were lower.
May canola finished up $2.10 at $728.30, and November climbed $7.50 to $733.80.
