ICE Canola Futures Rebound Amid Crude Oil Decline
The price of canola futures on the Intercontinental Exchange (ICE) bounced back on Tuesday, making up for Monday's losses and exceeding its 50- and 100-day averages. The rebound comes as crude oil prices fell by more than US$2 per barrel.
On Monday, United States Treasury Secretary Scott Bessent warned countries trading with Iran that they must cut ties or face financial penalties. However, news reports suggested the U.S. plans to return diplomats to Middle Eastern embassies, easing concerns over the U.S.-Iran conflict.
The Canadian dollar remained steady compared to Monday's close. The Canadian government announced C$27.6 billion worth of retaliatory tariffs on U.S. goods effective September 8, and will provide C$7.5 billion in support for affected workers.