WINNIPEG, Manitoba--Intercontinental Exchange canola futures were stronger on Monday, propelled by sharp hikes in crude oil.
United States President Donald Trump reinstated the blockade of Iranian vessels in the Strait of Hormuz. The move came after the U.S. and Iran traded military strikes in the Middle East over the weekend.
That also generated strong increases in Chicago soyoil and European rapeseed, while upticks in Chicago soybeans and Malaysian palm oil were more modest. Chicago soymeal fell back, somewhat tempering the gains.
Wet conditions across much of the Canadian Prairies are likely to reduce the amount of canola acres harvested by much more than the usual one per cent annually.
The November canola contract climbed further above its moving averages, further underpinning canola values.
