ICE Canola Rising Wednesday Morning

WINNIPEG, Manitoba--ICE canola futures were stronger Wednesday morning, hitting fresh two-week highs.

Shifting news out of the Middle East kept global markets on edge. Reports of gunfire on several container ships in the Strait of Hormuz countered news late Tuesday that the United States would extend its ceasefire indefinitely.

Resulting gains in crude oil and global vegetable oil markets provided spillover support for canola. Chicago soyoil and Malaysian palm oil futures were up on the day, while European rapeseed held near unchanged.

Bullish chart signals contributed to the gains in canola, as Tuesday's move back above key moving averages was supportive from a technical standpoint.

About 17,100 canola contracts had traded as of 9:36 a.m. EDT.

Prices in Canadian dollars per metric ton at 9:36 a.m.:

 
           Price      Change 
May       726.10     up 5.10 
Jul       739.40     up 4.40 
Nov       734.80     up 4.80 
Jan       741.40     up 4.40 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

04-22-26 1014ET