Canola futures ended higher on Tuesday, recovering part of the previous day’s decline on firmer crude oil and broader vegetable oil strength.
The Iran war remained a key backdrop, with renewed concern over Middle East energy supplies helping push Brent crude back above $100/barrel earlier in the day, a supportive factor for biofuel-linked oilseeds such as canola. U.S. crude was trading above $91/barrel. Canola also took spillover support from gains in Chicago soyoil and European rapeseed, although the advance stayed relatively modest as traders remained wary of the conflict’s day-to-day volatility
Losses in the Canadian dollar were supportive for canola as well.
May canola was up $4.80 at $723.90, and November was $3.70 higher at $730.20.
