Canola Futures Rise on Crude Oil Price Gains Amid US-Iran Tensions
ICE Canola futures saw an uptick on Tuesday morning due to gains in crude oil prices, which rose by over $1 per barrel. The renewed tensions between the US and Iran, as well as attacks by Iranian-backed Houthi rebels in Saudi Arabia, contributed to the increase in crude oil prices. Meanwhile, a stronger Canadian dollar put downward pressure on the oilseed.
The Chicago soyoil market was up, while European rapeseed saw mixed results, and Malaysian palm oil declined. The Canadian dollar appreciated by three-tenths of a US cent compared to its Friday close. Additionally, Canada's counter-tariffs on some US goods came into effect earlier that day.
Rainfall warnings were in place for southeastern Alberta and central/southwestern Saskatchewan, including areas such as Lethbridge and Saskatoon, where cooler temperatures and rain were expected across the Prairies, except for southern Manitoba. The trade of nearly 19,600 contracts was recorded, with prices in Canadian dollars per metric ton as follows: Nov at $832.40 (up $9.90), Jan at $842.30 (up $9.60), Mar at $850.20 (up $8.80), and May at $854.60 (up $7.90).