Canola futures closed modestly higher on Thursday, as support came from gains in the broader vegetable oil complex.
Amid the war in Iran and the resulting negative impact on global oil shipments, crude oil moved higher today. The gains in crude provided more spillover support to Chicago soybean oil which in turn supported canola. Palm oil and European rapeseed were higher as well, while the Canadian dollar was lower, further underpinning canola.
May was up $1 at $723.20, and November added $2.90 to $730.50.
