ICE Canola Futures Edge Up Amid Mixed Oil Sentiment

Canola futures on the Intercontinental Exchange (ICE) started the week on a stable to higher note, despite mixed sentiment in comparable oils.

A deadline set by the United States and Iran for a deal to end their conflict expired on Monday, causing some market trepidation. However, crude oil prices edged up slightly, while Chicago soyoil gained nearly one US cent per pound. European rapeseed declined, but Malaysian palm oil was mixed.

The Canadian dollar strengthened by one-tenth of a US cent compared to Friday's close.

Trade activity was significant, with 19,600 contracts traded. Prices in Canadian dollars per metric ton for ICE canola futures were as follows: November at $819.40 (up $0.50), January and March unchanged at $828.10 and $834.10 respectively, and May at $838.00 (up $2.70).