Canola Futures Soar on Crude Oil Price Hike
ICE canola futures have started the month of September on a strong note by rising above their averages. The upward trend is largely due to support from comparable oils, including crude oil, soyoil, European rapeseed, and Malaysian palm oil. Tensions between the US and Iran contributed to an increase in crude oil prices, with a gain of over $2 per barrel. This surge in oil prices has a knock-on effect on other commodity prices.
The Prairies will experience mostly sunny skies this week, with temperatures ranging from low 20s Celsius in Saskatchewan and Manitoba to high 20s in Alberta. The Canadian dollar has depreciated by over one-tenth of a US cent compared to Monday's close.
Market activity was moderate, with nearly 24,200 contracts traded. ICE canola prices in Canadian dollars per metric ton are as follows: November at $830.00 (up 16.80), January at $839.20 (up 15.90), March at $846.70 (up 15.10), and May at $850.60 (up 13.30).