The ICE Futures canola market gapped sharply higher in overnight trade, as the escalating Mideast war sent crude oil climbing. However, oil backed off its gains, and canola settled with small losses on Monday.
- West Texas Intermediate crude oil traded near US$120 per barrel in the April contract amid the escalating Iran war, as traffic through the Strait of Hormuz remains halted and many Mideast oil exporters cut back production. While oil remained stronger on the day, prices were below US$100 per barrel by the afternoon.
- The uncertainty in the global energy and financial markets kept some caution in the grains and oilseeds, with the initial rally giving way to chart-based positioning amid ideas the gains were overdone.
- Chicago soyoil and soybeans were lower at the close, after posting sharp gains in overnight trade. European rapeseed and Malaysian palm oil managed to stay higher.
- There were 115,566 contracts traded on Monday, which compares with Friday when 95,401 contracts changed hands. Spreading was a feature, accounting for 66,908 of the contracts traded.
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