Glacier FarmMedia – Canola futures on the Intercontinental Exchange were higher on Thursday morning, receiving plenty of support.
Crude oil was on the rise after a United States aircraft carrier was sent to the Middle East amid increased tensions between the U.S. and Iran. Chicago soyoil, European rapeseed and Malaysian palm oil were also higher.
The Canadian dollar was up more than three-tenths of a U.S. cent compared to Wednesday’s close, which limited canola’s upside.
Nearly 18,000 contracts were traded. Prices in Canadian dollars per metric ton as of 8:42 CST:
Mar 654.50 up 4.30
May 665.10 up 4.10
Jul 671.60 up 3.90
Nov 661.80 up 2.80
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