Published: 3 hours ago
By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange continued higher mid-session Thursday, pushed up by sharp increases in crude oil.
Talks in Pakistan between the United States and Iran failed to reach an agreement, and U.S. President Donald Trump said he’s imposing a naval blockade of Iran until all vessels can safely transit the Strait of Hormuz.
An analyst suggested the blockade could last for some time, which further raises geopolitical tensions in the Persian Gulf.
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By Glen Hallick Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada…
Canola was getting support from gains in MATIF rapeseed and Chicago soymeal, while Malaysian palm oil as relatively steady. Declines in Chicago soybeans and soyoil tempered the upside to the Canadian oilseed.
“The soyoil is the fly in the ointment,” the analyst said.
He added the Prairies are forecast to get precipitation this week, either rain or snow depending on the time of day.
As the July canola contract lagged behind its 20-day moving average, it remained handily above its other technical levels.
The Canadian Grain Commission reported on Friday there was a slight improvement in canola exports. For the week ended April 5, exports reached 283,500 tonnes, up from 232,100 the previous week. That brought cumulative canola exports to 5.6 million tonnes versus 7.2 million the same time last year.
The Canadian dollar was higher late Monday morning with the loonie at 72.41 U.S. cents, compared to Friday’s close of 72.33.
Approximately 48,000 canola contracts were traded as of 10:27 a.m. CDT, with prices in Canadian dollars per metric tonne:
Canola May 709.80 up 5.60
Jul 722.50 up 5.20
Nov 723.30 up 4.80
Jan 730.70 up 4.70
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