Glacier FarmMedia — ICE canola futures were stronger Tuesday morning, seeing a continuation of Monday’s rally as activity in outside markets remained supportive.
- Crude oil was sharply higher for the second day in a row, as the conflict in the Middle East intensified and Iran ordered the closure of the Strait of Hormuz.
- Chicago soyoil, European rapeseed and Malaysian palm oil futures were all up on the day, with soyoil at its strongest levels since 2023.
- The May canola contract moved back above C$700 per tonne, encouraging additional speculative buying interest as fund traders added to their growing net long position in the market.
- Optimism over increased Chinese buying interest, after the country lowered import tariffs on Canadian canola, was also supportive.
- Statistics Canada will release planting intentions estimates on Thursday, March 5. General expectations are for an increase in canola area from 2025.
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ICE Canola Midday: Middle East war driving prices higher
By Glen Hallick Glacier FarmMedia – Canola futures on the Intercontinental Exchange continued to advance late Tuesday morning, as the…
- About 27,600 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric tonne at 8:46 CST:
Canola May 705.80 up 7.40
Jul 716.60 up 7.50
Nov 706.80 up 5.10
Jan 713.20 up 4.70
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