ICE Canola and Crude Oil Prices Rise

ICE Canola Futures Rise

Canola futures on the Intercontinental Exchange moved higher on Thursday morning following new United States strikes on Iran earlier today. The U.S. military struck an Iranian drone facility, which was followed by Iran launching drones and missiles at a U.S. military base in Kuwait. As a result, crude oil gained approximately $2 per barrel.

Other Commodities Also Higher

Chicago soyoil, European rapeseed and Malaysian palm oil were all higher, aligning with the upward trend in canola.

Heat Wave Warning

Eastern Alberta, as well as the central and southern parts of Saskatchewan and Manitoba will see high temperatures exceeding 30 degrees Celsius over the next few days. Much of central and southern Saskatchewan are under an orange heat warning, indicating highs of 35 degrees Celsius over the next two days.

Canadian Dollar and Trading Volume

The Canadian dollar was down less than one-tenth of a U.S. cent compared with Wednesday's close. Nearly 21,900 contracts were traded.