Canola futures ended higher on Monday, with both the November and January contracts settling above $800/tonne.
Strong gains in Chicago soybeans and continued concern about production prospects across parts of Western Canada helped to push canola higher. Gains in European rapeseed and palm oil were also supportive, although soybean oil did end with losses. Crude oil and gasoline prices settled mixed on Monday, with crude oil rallying to a 5-week high amid the escalation of hostilities between the U.S. and Iran
After earlier heavy rain and flooding across parts of Western Canada, forecasts for southern Alberta and southern Saskatchewan have turned hotter and drier for this week, which could threaten crops.
November canola gained $15.70 to $810.20, and January was up $16 at $819.80.
