WINNIPEG, Manitoba--ICE canola futures were sharply stronger Monday morning, nearing contract highs in some months as gains in crude oil provided spillover support.

The U.S. and Iran traded attacks Monday, while Israel sent troops deeper into Lebanon, lessening the likelihood of a lasting peace deal in the region. Crude oil was up by roughly 6%, making grains and oilseeds more attractive as biofuel feedstocks.

Chicago soyoil and European rapeseed futures were higher, while the Malaysian palm oil market was closed for a holiday.

Chart-based buying contributed to the gains in canola, with some stops likely hit on the move higher.

Seeding delays in parts of Western Canada were also supportive, although conditions remain relatively favourable in most regions.

About 24,100 canola contracts had traded as of 9:51 a.m. ET.

Prices in Canadian dollars per metric tonne at 9:51 a.m. ET: 


Canola 
           Price      Change 
Jul       772.70    up 11.80 
Nov       784.10    up 11.40 
Jan       791.80    up 11.10 
Mar       796.70    up 10.20

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

06-01-26 1031ET