By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange continued to advance late Tuesday morning, as the trading of air strikes in the Middle East was in its fourth day.
Crude oil prices added more large gains on top of those from Monday. The spillover underpinned the vegetable oils, with increases in Malaysian palm oil, MATIF rapeseed and Chicago soyoil. Meanwhile, Chicago soybeans and soymeal eased back.
An analyst said soyoil has been on a rally for some time and as its May contract gets closer to 65 cents per pound, selling pressure is likely to increase.
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The analyst also said that fertilizer and natural gas prices are “going nuts” following attacks on oil facilities and the Strait of Hormuz being effectively closed. He noted that biodiesel is likely to become more valuable.
As China has cut or eliminated their tariffs on Canadian canola seed and meal, the market is expecting increased exports.
Statistics Canada is set to release its planted area report on Thursday, and the trade looking for canola acres to build on the 21.62 million seeded in 2025/26.
The Canadian dollar was virtually unchanged late Tuesday morning with the loonie at 73.07 U.S. cents.
Approximately 47,900 canola contracts were traded as of 10:44 a.m. CST, with prices in Canadian dollars per metric tonne:
Canola May 706.30 up 7.90
Jul 717.10 up 8.00
Nov 708.30 up 6.60
Jan 714.00 up 5.50
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