Glacier FarmMedia — ICE canola futures were stronger Monday morning, hitting fresh six-month highs as rallies in outside markets provided spillover support.
- The escalating conflict in the Middle East after the United States and Israel attacked Iran over the weekend, and Iran retaliated against allied nations, sparked sharp gains in crude oil.
- Vegetable oil markets rose in sympathy with crude oil, with Chicago soyoil hitting fresh contract highs.
- May canola edged above C$700 per tonne but was running into resistance around that psychological resistance level.
- Canadian Prime Minister Mark Carney signed several agreements with Indian Prime Minister Narendra Modi in Delhi on Monday. The memorandums of understanding focused on strengthening trade and defence ties between the nations.
- Statistics Canada will release planting intentions estimates on March 5.
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- About 33,400 canola contracts had traded as of 8:38 CST.
Prices in Canadian dollars per metric tonne at 8:38 CST:
Canola Mar 690.00 up 15.30
May 700.30 up 12.60
Jul 710.80 up 12.30
Nov 701.90 up 10.00
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