WINNIPEG–ICE Futures canola contracts were holding onto gains in the front months at midday Monday, but well off their overnight highs with losses in the more deferred positions.
- Crude oil shot higher amid the escalating Iran war, as traffic through the Strait of Hormuz remains halted and many Mideast oil exporters cut back production.
- West Texas Intermediate crude oil traded just under US$120 per barrel in the April contract but dropped back to US$100 as the day progressed. May canola was up by nearly US$40 per tonne in overnight trade, hitting a high of C$758.40, but fell back from those highs to be up by C$2.50 at C$733.30 per tonne at 10:36 a.m. CDT.
- “There’s an enormous amount of war risk premium in the market right now,” said an analyst, cautioning that such rallies “never last.”
- Chicago soyoil was mostly lower at midday, after posting sharp gains in overnight trade. European rapeseed and Malaysian palm oil were stronger.
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- An estimated 73,700 canola contracts traded as of 11:36 EDT.
Prices in Canadian dollars per metric tonne at 11:36 EDT:
Canola May 733.30 up 2.50
Jul 742.50 up 2.20
Nov 724.90 dn 1.10
Jan 729.10 dn 2.60
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