Strength in crude oil spilled over to help support canola futures to begin the week.
US crude oil futures gained nearly 2% on Monday, at least partially rebounding from last week’s steep losses. The Chicago soy complex was also higher amid signs of increasing demand for American soybeans from foreign buyers. Canadian harvest pressure is also easing, with the Prairie harvest essentially now wrapped up for the year. A weaker Canadian dollar added further support.
November canola gained $4 to $620.10, and January was $6.40 higher at $630.90.
