ICE Canola Higher Despite Bearish Influences

WINNIPEG--Canola futures on the Intercontinental Exchange continued to rebound from their lowest levels in a month despite weakness in crude oil and a stronger Canadian dollar.

There were reports that a deal to reopen the Strait of Hormuz was drafted by Iranian and Omani negotiators and was waiting for the approval of Iran's supreme leader. However, Iran-backed Houthi rebels claimed Wednesday that they attacked a Saudi oil tanker in the Red Sea.

Crude oil was down less than US$1 per barrel. Chicago soyoil was lower, European rapeseed was mostly higher and Malaysian palm oil was mixed.

Weather conditions across the Prairies are expected to be variable. In Alberta, northern parts will see rain and high temperatures below 20 degrees Celsius, while the south will see sun and normal temperatures. In much of Saskatchewan and southern Manitoba, those regions will see rain with high temperatures of up to 25 C.

The Canadian dollar was up one-quarter of a U.S. cent compared to Tuesday's close.

About 25,200 canola contracts have traded at 10:13 a.m. CDT.

Prices in Canadian dollars per metric ton:

 
           Price      Change 
Nov       765.20     up 4.50 
Jan       775.10     up 4.40 
Mar       783.30     up 4.90 
May       789.30     up 5.00 
 

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

August 05, 2026 11:44 ET (15:44 GMT)