ICE rapeseed rises to near three-year high due to strong crude oil and delayed planting

Golden Ten Data Futures, June 4 – According to foreign media reports, on Wednesday, the Intercontinental Exchange (ICE) Canadian canola futures market closed higher, with the benchmark contract rising 2.6% and reaching its highest level in nearly three years. This mainly reflects poor weather leading to unplantable farmland, a weak Canadian dollar, and increased prices of other vegetable oils. The July contract briefly broke through the 800 Canadian dollar mark during the session and hit its highest level since early September 2023, with a surge in trading volume that day. The November contract, representing the new crop, also broke above 800 Canadian dollars and closed above that point. An analyst stated that canola futures have performed strongly recently and continue to be impacted by the Iran war.