Canola futures ended higher on Thursday, supported by strength across the broader vegetable oil complex and a rally in energy markets.
Gains in crude oil — driven by escalating geopolitical tensions and expectations for a prolonged conflict involving Iran — provided underlying support to biofuel-linked markets, including canola. Chicago soybean oil futures also moved higher, along with European rapeseed and palm oil. nearby U.S. crude oil futures were trading above $111/barrel this afternoon.
Weakness in the Canadian dollar was supportive for canola as well.
May was up $8.50 to $727, and November gained $8.30 to $733.80.
Canadian and U.S. markets will be closed on Friday for the Good Friday Easter holiday.
