Canola Futures Inch Up Amid Crude Oil Crash
Canola futures on the ICE exchange were slightly higher on Tuesday, defying overall weakness in comparable oils. The market had been quiet due to the August long weekend and Monday's civic holiday.
US Treasury Secretary Scott Bessent told CNBC that a deal between the US and Iran could be reached 'today or tomorrow' to reopen the Strait of Hormuz, but tensions remain high after a cargo vessel was struck off Oman's coast near the strait.
Crude oil prices plummeted by over $3 per barrel on Tuesday, while Chicago soyoil and European rapeseed fell in value. Meanwhile, Malaysian palm oil made gains.
The Canadian dollar lost nearly one-tenth of a US cent compared to Friday's close due to the Bank of Canada's decision not to post a closing exchange rate on Monday.