WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were stronger in the middle of Wednesday trading, hovering around the C$800 per tonne mark. The Canadian oilseed was supported by gains in comparable oils, heavier trading and a weaker Canadian dollar.
The U.S. and Iran exchanged missile and drone strikes Wednesday morning, further diminishing prospects of a peace deal between the two countries. Crude oil gained US$1.50 per barrel this morning.
An analyst said there isn't much that would explain canola's outsized performance compared with other vegetable oils, but the war still has a bullish effect on prices. Chicago soyoil, European rapeseed and Malaysian palm oil were all in positive territory.
Heat warnings in Western Canada gave way to cooler temperatures, rain and thunderstorms Tuesday. More of the same is in the forecast for the Prairies before temperatures ramp up on the weekend.
The Canadian dollar is down nearly three-tenths of a U.S. cent compared with Tuesday's close.
About 69,600 canola contracts have traded at 11:22 a.m. ET. Prices in Canadian dollars per metric tonne:
Canola
Price Change
Jul 793.10 up 15.00
Nov 798.50 up 16.70
Jan 804.70 up 15.60
Mar 808.80 up 14.60
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
06-03-26 1157ET
