Commodities
Canola Prices Climb on Crude Oil Surge
Canola futures on the Intercontinental Exchange (ICE) experienced their fourth consecutive day of gains, driven by the increase in crude oil prices. The uncertainty surrounding a new deal to reopen the Strait of Hormuz contributed to the surge in crude oil prices, which rose by over $2 per barrel.
The rally in canola futures also extended to other oilseed markets, with European rapeseed and Malaysian palm oil prices increasing as well. September Chicago soyoil jumped nearly a cent per pound.
According to the data provided by ICE, the November contract exceeded its 20-day average, with prices ranging from $789.60 to $811.90 in Canadian dollars per metric tonne for different months.