ICE Canola Futures Climb for Fourth Consecutive Session

Canola futures on the Intercontinental Exchange (ICE) rallied for the fourth consecutive session on Monday, exceeding its 20-day average. The November contract led the gains with a price increase of $9.80 per metric tonne to reach $789.60.

The surge in canola prices is attributed to the rise in crude oil prices, which gained more than $2 per barrel due to uncertainty over a new deal to reopen the Strait of Hormuz. This development had a ripple effect on other oil-related markets, including soyoil and rapeseed.

European rapeseed and Malaysian palm oil also saw increases, while September Chicago soyoil jumped by nearly one U.S. cent per pound. The Canadian dollar remained virtually unchanged compared to Friday's close.