Canola Futures Rise Above Negative Markets on ICE
Despite negative markets across various commodities, canola futures on the Intercontinental Exchange (ICE) showed resilience in Tuesday's trading session. The August long weekend had seen no trading on Monday due to a civic holiday.
US Treasury Secretary Scott Bessent told CNBC that he expects a deal between the US and Iran to reopen the Strait of Hormuz 'today or tomorrow', following a cargo vessel being struck off the coast of Oman near the strait. However, crude oil prices fell by more than $4 per barrel.
Chicago soyoil and European rapeseed were also lower, while Malaysian palm oil rose. The Canadian dollar was down by over one-tenth of a US cent compared to Friday's close.
The ICE saw 68,314 canola contracts traded on Tuesday, up from the 54,685 contracts traded on Friday. Spreads accounted for 30,244 contracts in today's trade.