ICE Review : Canola Rallies as Crude and Vegetable Oils Are Higher

WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange continued their positive momentum, lifted by crude and vegetable oils.

Crude oil gained at least $2 per barrel Tuesday as vessel traffic remained restricted through the Strait of Hormuz. There are reports that the U.S. and Iran will meet for a second round of peace talks this week.

Chicago soyoil rose above 71 cents per pound, which would help propel canola prices, said an analyst. July canola's next target would be 740 Canadian dollars per metric ton, the analyst added.

However, the contract encountered resistance at that level.

European rapeseed and Malaysian palm oil were up.

The Canadian dollar was steady compared to Monday's close.

There were 65,330 canola contracts traded on Tuesday, compared to Monday when 73,862 contracts changed hands. Spreads accounted for 40,154 contracts.

Settlement prices are in Canadian dollars per metric ton.

Contracts Prices Change

   May         721.00  up 7.10 
   Jul            735.00  up 7.90 
   Nov          730.00  up 6.50 
   Jan            737.00  up 6.20 
 

Spread trade prices are in Canadian dollars:

 
   Contracts  Prices                                  Volume 
   May/Jul    13.00 under to 14.10 under 7,377 
   May/Nov   8.10 under to 9.80 under    1,088 
   Jul/Nov      5.80 over to 3.20 over        9,872 
   Jul/Jan       1.40 under to 3.70 under         34 
   Jul/Mar      6.60 under to 7.00 under           6 
   Nov/Jan     6.80 under to 7.30 under    1,359 
   Nov/Mar  11.90 under                               23 
   Jan/Mar     4.70 under to 5.30 under       160 
   Mar/May   1.10 under to 1.60 under         49 
   Mar/Jul     1.00 under to 2.10 under          19 
   May/Jul     0.50 under                                56 
   Jul/Nov   35.00 over to 32.00 over            34 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

04-21-26 1546ET