Canola Prices Break Through $800 Barrier

ICE canola futures on Thursday surpassed the C$800 per tonne mark despite mixed sentiment in comparable oils. The Intercontinental Exchange reported slightly higher prices for canola futures, with November contracts trading at C$801.60 per metric tonne.

The strength of Chicago soyoil and European rapeseed contributed to the increase in canola prices, but Malaysian palm oil was lower. Crude oil was steady to lower due to uncertainty surrounding the conflict between the United States and Iran, as well as the deal between Iran and Oman to create a shipping lane in the Strait of Hormuz.

The Canadian dollar saw a minor gain against the U.S. currency, rising by less than one-tenth of a cent compared to Wednesday's close. Temperatures in Alberta and Saskatchewan were expected to range from mid-20s to low-30s Celsius, with rain and thunderstorms forecasted for much of Alberta.