On June 16, according to media reports, the Canadian canola futures market on the Intercontinental Exchange (ICE) closed up on Thursday, with the benchmark period closing up about 3.14%, following the gains in the Chicago soybean and finished product markets.
Soybean oil futures in Chicago soared 4.4% on the day, while soybean futures rose nearly 3%, together with stronger European rapeseed and Malaysian palm oil futures, boosting market sentiment in Canada.
The rise in international crude oil futures also gave a strong boost to the vegetable oil market.