Crude Oil Surge Drives ICE Canola Futures Higher

ICE Canola futures surged on Tuesday, driven by sharp hikes in crude oil prices following US attacks on Iran.

The spike in crude pushed up other oilseed markets, including soybeans and rapeseed, supporting ICE canola's gains. An analyst noted that there is still uncertainty over the Prairie canola harvest, with anecdotal evidence suggesting varied crop conditions across the region.

This week will see further progress in the canola harvest, which could provide a more accurate picture of yields. The November canola contract has moved above its major moving averages as a result of Tuesday's increases.

The Canadian dollar stepped back on Tuesday, trading at 71.95 U.S. cents compared to Monday's close of 72.12. Trading volume was higher than usual, with 80,659 canola contracts traded on Tuesday, up from 57,306 on Monday.