Canola futures closed higher on Monday, supported by sharp gains in crude oil and strength across competing oilseed markets.
Crude climbed to a three-and-a-half-week high as U.S.-Iran hostilities escalated over control of the Strait of Hormuz. Chicago soyoil and European rapeseed posted strong gains, while Chicago soybeans and Malaysian palm oil also moved higher. Those advances provided broad support to canola, although weaker Chicago soymeal tempered some of the upside.
Canola also drew support from concerns that persistent wet conditions across much of the Canadian Prairies could leave a larger-than-normal share of seeded acres unharvested.
November gained $11.40 to $789, and January was $11.30 higher at $798.30.
