Glacier FarmMedia – Canola futures on the Intercontinental Exchange were influenced by rising crude oil prices on Monday as there is no end in sight to the war in Iran.
In addition, May canola tested the C$740 per tonne resistance level.
An analyst said Houthi rebels entering the conflict will prolong it and raise crude oil prices further. Dry conditions were forecasted for the coming months in Indonesia and Malaysia, trimming palm oil production. In turn, that will push up palm oil prices, with spillover likely finding its way into canola.
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Crude oil gained US$1.70 to US$2.70 per barrel after United States President Donald Trump threatened to destroy Iranian energy infrastructure if the Strait of Hormuz is not re-opened. Chicago soyoil, European rapeseed and Malaysian palm oil were higher.
The Canadian Grain Commission reported 195,000 tonnes of canola were exported during the week ended March 22, compared to 292,100 tonnes the previous week. So far this marketing year, 5.074 million tonnes were shipped versus 6.632 million one year ago.
At mid-afternoon, the Canadian dollar was down two-tenths of a U.S. cent compared to Friday’s close.
There were 65,983 canola contracts traded on Monday, compared to Friday when 64,983 contracts changed hands. Spreads accounted for 42,714 contracts in today’s trade.
Settlement prices are in Canadian dollars per metric tonne.
May 727.70 up 7.20
Jul 740.50 up 7.20
Nov 733.80 up 5.90
Jan 740.10 up 5.60
Spread trade prices are in Canadian dollars:
May/Jul 12.50 under to 13.40 under 13,058
May/Nov 5.60 under to 10.30 under 1,187
May/Jan 12.40 under 1
Jul/Nov 7.50 over to 2.10 over 5,958
Jul/Jan 0.40 over to 1.50 under 23
Jul/Mar 4.20 under to 6.20 under 6
Jul/Jul 5.50 under to 8.00 under 1
Nov/Jan 6.10 under to 6.80 under 893
Nov/Mar 10.90 under to 11.20 under 27
Jan/Mar 4.50 under to 5.10 under 123
Mar/May 0.90 under to 1.50 under 49
Mar/Jul 0.50 under to 1.30 under 12
May/Jul 0.50 over to 0.40 under 6
Jul/Nov 37.00 over to 34.00 over 13
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