Canola ended with moderate gains on Thursday, supported mainly by energy markets.
Rising crude oil prices, tied to ongoing tensions and shipping disruptions in the Strait of Hormuz, lent support to canola through the biofuel sector. U.S. crude oil futures were trading above $97/barrel as of Thursday afternoon, with Brent crude over $106. Chicago soybean oil and soymeal futures were just mixed today, while soybeans closed lower. On the other hand, both European rapeseed and palm oil ended higher.
July canola was up $4.20 at $739.50, and November climbed $5.60 to $736.
