Canola futures ended sharply higher on Wednesday.
New-crop canola hit a new contract high above $800/tonne, while the July contract hit its highest since 2023 (see chart below).
Support for the market came from gains in crude oil, following the latest flare-up in fighting to threaten the U.S.-Iran ceasefire. Brent crude advanced back to near the $100/barrel mark. The strength in oil spilled over to push European rapeseed and palm oil higher as well.
Canola is also being supported by severe weather in parts of the Prairies, which has slowed seeding and likely washed out some previously seeded fields.
July canola jumped $19.90 to $798, and November gained $20.20 to $802.
July canola: source - Barchart
