ICE canola rises with crude oil

Canola futures on the Intercontinental Exchange were in positive territory coming out of the weekend as crude oil prices surged once again. The United States military announced it will begin a blockade of ships entering and exiting Iranian ports at approximately 9 a.m. CDT. Peace talks between the U.S. and Iran ended last weekend without any resolution to the conflict. As a result, crude oil prices rose more than US$6 per barrel. Rising crude oil has spilled over into vegetable oils with Chicago soyoil, European rapeseed and Malaysian palm oil showing gains. The Canadian dollar was down less than one-tenth of a U.S. cent compared to Friday’s close. Nearly 23,400 contracts were traded. Prices in Canadian dollars per metric ton as of 8:38 CDT: May 710.00 up 5.80 Jul 722.90 up 5.60 Nov 723.30 up 4.80 Jan 730.90 up 4.90 To access the latest futures prices, go to ...