Canola futures ended with strong gains on Wednesday amid further strength in surging crude oil.
Canola hit its highest since early last summer as there continues to be little progress toward ending the U.S.-Iran conflict, even as a ceasefire between the two countries remains in place. The Strait of Hormuz, through which 20-25% of global seaborne oil normally flows, remains essentially blocked.
Chicago soybeans and soybean oil were higher on the day, with European rapeseed mainly stronger. Palm oil was mostly lower.
The Canadian dollar was mixed after the Bank of Canada held its key overnight lending rate at 2.25% earlier today.
July canola jumped $16 to $763.90, and November climbed $15 to $759.70.
July canola: source - Barchart
