Canola futures closed modestly higher on Monday, supported by gains across the broader vegetable oil complex and a weaker Canadian dollar.
Chicago soyoil, European rapeseed and palm oil all provided some spillover strength, while the loonie slipped to an 18-month low.
The upside was limited by advancing Prairie harvest activity and generally favourable weather, which should allow producers to make further combining progress this week. Weaker crude oil prices tempered gains in vegetable oils and kept canola’s advance relatively modest.
November was up $3.90 at $819.40, and January was $4.10 higher at $832.80.
