WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange hit multi-year highs on Wednesday. Factors included severe weather rendering some acres unusable, heavier trading, gains in comparable oils and a weaker Canadian dollar.
The United States and Iran exchanged strikes on Wednesday, diminishing peace prospects between the two countries. As crude oil made gains, Chicago soyoil, European rapeseed and Malaysian palm oil were also positive.
An analyst said while not much is accounting for canola's recent performance compared to other vegetable oils, the war in Iran remains a supportive influence.
At mid-afternoon, the Canadian dollar was down one-quarter of a U.S. cent compared to Tuesday's close.
There were 111,475 canola contracts traded on Wednesday, compared to Tuesday when 66,457 contracts changed hands. Spreads accounted for 64,864 contracts in today's trade.
