Canola futures ended with sharp gains on Monday as crude oil strengthened, and Chicago soybean oil hit a four-year high.
Crude oil prices moved higher amid renewed concerns over tensions in the Middle East and uncertainty surrounding a fragile ceasefire, helping to boost soyoil futures. U.S. crude oil was trading over $92/barrel this afternoon, with Brent crude above $95. European rapeseed was also higher, while palm oil was mixed.
Warm temperatures and periodic rainfall are expected across much of the Prairies this week, supporting emergence and crop establishment for canola. On the other hand, heavy rain in parts of Alberta and western Saskatchewan could delay fieldwork while drier areas continue to need additional moisture.
July canola jumped $15.70 to $776.60, and November was $13.60 higher at $786.30.
