Glacier FarmMedia – Canola futures on the Intercontinental Exchange rose by double digits in the middle of Monday trading, mirroring the direction taken by comparable oils.
An analyst said that May canola could encounter resistance at C$740 per tonne, adding that Houthi rebels entering the war in Iran will prolong the conflict and raise oil prices further. The analyst also warned of drier weather in Indonesia and Malaysia in the coming months, which would restrict palm oil production.
Crude oil gained more than US$2 per barrel after United States President Donald Trump threatened to destroy Iranian energy infrastructure if the Strait of Hormuz is not re-opened. In turn, Chicago soyoil, European rapeseed and Malaysian palm oil were higher with the spillover pushing up canola.
Read Also
ICE canola follows comparable oils
Glacier FarmMedia – Canola futures on the Intercontinental Exchange turned higher on Monday morning, supported by rising comparable oils and…
The Canadian Grain Commission reported 195,000 tonnes of canola were exported during the week ended March 22, compared to 292,100 tonnes the previous week. So far this marketing year, 5.074 million tonnes were shipped versus 6.632 million one year ago.
The Canadian dollar was down two-tenths of a U.S. cent compared to Friday’s close.
About 36,900 canola contracts have traded at 10:07 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 733.80 up 13.30
Jul 746.90 up 13.60
Nov 740.60 up 12.70
Jan 746.90 up 12.40
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
Stay informed with our daily market videos. Each video quickly covers key futures moves, price trends, and market signals that matter to Canadian farmers. Get clear, timely insights in just a few minutes. Bookmark https://www.producer.com/markets-futures-prices/videos
