Commodities
Canola Futures Rise Amid Global Market Volatility
Canola futures on the Intercontinental Exchange (ICE) opened slightly higher following the August long weekend, despite weakness in comparable oils.
The United States Treasury Secretary Scott Bessent stated that a deal between the US and Iran could be reached to reopen the Strait of Hormuz 'today or tomorrow', but this optimism was dampened by news of a cargo vessel being struck near the strait off Oman's coast.
Crude oil prices dropped by more than $3 per barrel on Tuesday, while Chicago soyoil and European rapeseed declined. In contrast, Malaysian palm oil made gains.