WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange made their biggest gains in nearly two weeks on Monday after Middle Eastern peace prospects were mixed.
Iran announced earlier today that it has suspended talks with the United States after Israel struck Lebanon in its ongoing conflict with Iran-backed Hezbollah. As a result, crude oil jumped, along with Chicago soyoil and canola. Later in the day, U.S. President Donald Trump said on social media Israel will not send troops to Lebanon and peace talks are still ongoing.
Chicago soyoil gained more than one U.S. cent per pound, while European rapeseed was higher.
An analyst said markets should realize that peace talks in the Middle East were "really just talk". He added that El Nio is becoming a major concern in southeast Asia where much of the world's palm oil is produced.
At mid-afternoon, the Canadian dollar was down more than one-tenth of a U.S. cent compared to Friday's close.
