ICE Canola Futures Rebound Despite Crude Oil Weakness

Despite bearish influences in crude oil and a stronger Canadian dollar, canola futures on the Intercontinental Exchange have rebounded to their highest levels in over a month.

This comes as reports of a deal to reopen the Strait of Hormuz were drafted by Iranian and Omani negotiators, awaiting approval from Iran's supreme leader. However, Iran-backed Houthi rebels claimed they attacked a Saudi oil tanker in the Red Sea.

Crude oil prices dropped less than $1 per barrel, while Chicago soyoil was lower, European rapeseed mostly higher, and Malaysian palm oil mixed. Weather conditions across the Prairies are expected to be variable, with rain and cooler temperatures forecast for northern Alberta and southern Saskatchewan.