Glacier FarmMedia – Canola futures on the Intercontinental Exchange turned higher on Monday morning, supported by rising comparable oils and a weaker Canadian dollar.
United States President Donald Trump threatened on Monday to destroy Iran’s oil wells, power plants and the Kharg Island fuel hub if the Strait of Hormuz is not re-opened, raising crude oil prices. However, Trump said on Sunday that Iran accepted most of the U.S.’s 15-point plan to end the war and added today that the U.S. was in “serious discussions” with Iran to end the war.
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ICE Midday: Crude oil lifts canola, vegetable oils
Glacier FarmMedia – Canola futures on the Intercontinental Exchange rose by double digits in the middle of Monday trading, mirroring…
Crude oil jumped by more than US$2 per barrel with the spillover finding its way into the vegetable oils, including canola. Chicago soyoil advanced by more than one U.S. cent per pound, while European rapeseed and Malaysian palm oil were also higher.
The Canadian dollar was down two-tenths of a U.S. cent compared to Friday’s close.
Nearly 17,800 contracts were traded. Prices in Canadian dollars per metric ton as of 8:42 CDT:
May 730.80 up 10.30
Jul 740.00 up 10.70
Nov 738.40 up 10.50
Jan 744.90 up 10.40
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