Hormuz Tensions Send Canola Futures Soaring

Canada's canola futures market rose on Tuesday morning following a tense incident in the Strait of Hormuz, where Iran fired missiles at commercial vessels. The Strait of Hormuz is a critical waterway for global oil shipments and trade.

Crude oil prices jumped by over $1 per barrel after the attack, with the increase spilling over into other commodity markets, including canola, European rapeseed, and Malaysian palm oil. Chicago soyoil saw only minor gains.

The Canadian dollar remained relatively steady compared to Monday's close. Trade in the canola market was active, with nearly 15,500 contracts changing hands.