WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were on the rise Tuesday morning after tensions flared on the Strait of Hormuz last night.
Iran reportedly fired at least two missiles at commercial vessels on the waterway, causing significant damage but no fatalities. Crude oil increased by more than $1 per barrel this morning, with spillover into canola, European rapeseed and Malaysian palm oil. Chicago soyoil was only slightly higher.
Most of the Prairies will see seasonal temperatures and clear skies later Tuesday, which may help crop quality and development.
The Canadian dollar was virtually unchanged compared with Monday's close.
Nearly 15,500 contracts were traded.
Prices in Canadian dollars per metric ton as of 8:40 a.m. CDT:
Price Change Nov 764.20 up 7.00 Jan 773.30 up 7.20 Mar 778.40 up 7.10 May 779.50 up 6.90Source: Commodity News Service Canada, news@marketsfarm.com