Glacier FarmMedia – Canola futures on the Intercontinental Exchange continued to rise on Monday morning, especially the nearby contracts, due to spillover from sharp gains in crude oil prices.
Crude was up by more than US$9 per barrel on Monday morning, at around US$100, as the conflict in the Middle East drove up oil prices.
Chicago soyoil, European rapeseed and Malaysian palm oil were also on the rise, following the lead of crude oil.
The Canadian dollar was up more than one-quarter of a United States cent compared to Friday’s close.
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Nearly 50,100 contracts were traded. Prices in Canadian dollars per metric ton as of 8:42 CDT:
May 737.70 up 6.90
Jul 745.90 up 5.60
Nov 727.00 up 1.00
Jan 732.10 up 0.40
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