Canola Futures Extend Winning Streak on Crude Oil Surge
Canola futures on the Intercontinental Exchange (ICE) continued their upward trend for the fourth straight session on Monday, with November's contract reaching a new high above its 20-day average. The rally is largely driven by rising crude oil prices, which have surged over US$2 per barrel due to concerns about the Strait of Hormuz.
The increase in canola futures has also been boosted by gains in other edible oils, including September's Chicago soyoil and European rapeseed and Malaysian palm oil. This trend may continue on Tuesday, with moderate daytime temperatures forecast throughout the Prairies and most areas receiving precipitation later in the day.
The Canadian dollar remained virtually unchanged compared to Friday's close, while canola contracts traded at 28,900 by 10:28 CDT. Prices per metric tonne for November, January, March, and May were up 9.80, 10.20, 10.40, and 10.30 respectively.