Glacier FarmMedia – Canola futures on the Intercontinental Exchange were higher mid-session Thursday, recovering most of Wednesday’s losses.
United States President Donald Trump said in a televised address on Wednesday that Iran will be hit hard by attacks over the next two to three weeks while stopping short of saying when he expected the war would end. As a result, crude oil prices climbed US$5 to US$9 per barrel.
An analyst said rising crude oil was spilling over into Chicago soyoil and, in turn, influencing canola. Chicago soyoil gained more than one U.S. cent per pound, while European rapeseed and Malaysian palm oil were higher.
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The Canadian dollar was down more than one-tenth of a U.S. cent compared to Wednesday’s close.
There will be no trading on Friday due to the Good Friday holiday.
About 31,100 canola contracts have traded at 10:02 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 726.80 up 8.30
Jul 740.20 up 8.40
Nov 733.50 up 8.00
Jan 739.60 up 8.20
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