Glacier FarmMedia — ICE canola futures were stronger Monday morning, hitting fresh six-month highs as rallies in outside markets provided spillover support.
- The escalating conflict in the Middle East after the United States and Israel attacked Iran over the weekend, and Iran retaliated against allied nations, sparked sharp gains in crude oil.
- Vegetable oil markets rose in sympathy with crude oil, with Chicago soyoil hitting fresh contract highs.
- May canola edged above C$700 per tonne but was running into resistance around that psychological resistance level.
- Canadian Prime Minister Mark Carney signed several agreements with Indian Prime Minister Narendra Modi in Delhi on Monday. The memorandums of understanding focused on strengthening trade and defence ties between the nations.
- Statistics Canada will release planting intentions estimates on March 5.
Read Also
ICE Closing Review: Middle East, China push up canola prices
By Glen Hallick Glacier FarmMedia – Intercontinental Exchange canola futures closed stronger on Monday, largely due to ongoing military strikes…
- About 33,400 canola contracts had traded as of 8:38 CST.
Prices in Canadian dollars per metric tonne at 8:38 CST:
Canola Mar 690.00 up 15.30
May 700.30 up 12.60
Jul 710.80 up 12.30
Nov 701.90 up 10.00
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
Stay informed with our daily market videos. Each video quickly covers key futures moves, price trends and market signals that matter to Canadian farmers. Get clear, timely insights in just a few minutes. Bookmark https://www.producer.com/markets-futures-prices/videos
