WINNIPEG -- Canola futures on the Intercontinental Exchange were rising at mid-session on Monday, as inflamed tensions between the United States and Iran supported crude oil prices.
Crude oil was gaining more than US$4 per barrel after Iran restricted traffic on the Strait of Hormuz on Saturday. On Sunday, the U.S. Navy seized an Iranian-flagged vessel claiming it was evading its blockade of Iranian ports.
Two analysts agreed that there would be no "bullish inertia" for canola unless Chicago soyoil reached 70 U.S. cents per pound. Soyoil was higher, but not to that level, while Malaysian palm oil was up and European rapeseed was mixed.
About 45,900 canola contracts have traded at 10:20 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 708.80 up 10.90
Jul 722.50 up 10.50
Nov 719.80 up 8.20
Jan 727.40 up 8.80
Source: MarketsFarm (Adam Peleshaty, news@marketsfarm.com, 204-414-9084)
(END) Dow Jones Newswires
04-20-26 1206ET
