WINNIPEG, Manitoba--Intercontinental Exchange canola futures continued to swing at mid-session Monday, riding the spillover from price hikes in crude oil.
Crude swung sharply higher after the United States and Iran exchanged military attacks in the Middle East, effectively closing the Strait of Hormuz yet again.
The spillover from crude pushed up canola, European rapeseed, Malaysian palm oil and especially Chicago soyoil. More support came from gains in Chicago soybeans, but soymeal slipped lower.
An analyst said attacks on ports by Russia and Ukraine also boosted vegetable oil prices.
The Prairie heatwave also underpinned canola prices. The analyst said the heatwave reached its apex on Sunday but continued to affect crops across the region.
