WINNIPEG – The ICE Futures canola market was lower on Tuesday despite mixed sentiment in other vegetable oils and rising crude oil prices.
Chicago soyoil struggled to find direction, while both European rapeseed and Malaysian palm oil are both down. Crude oil rebounded, rising by more than US$1.50 per barrel despite growing United States crude oil stockpiles and fears over key interest rate hikes.
One trader said canola is drifting towards C$800 per tonne and approaching a “price juncture”.
“You look at competing oil seeds around the world like Chinese rapeseed oil and palm oil, they all have a similar pattern in that they’re at some important levels and if they don’t hold, that means something in the bigger picture for oilseeds.”
The Canadian dollar was down two-tenths of a U.S. cent compared to Monday’s close.
Nearly 18,760 canola contracts were traded as of 10:27 CST.
Price Change
Mar 840.00 dn 1.30
May 815.60 dn 8.10
Jul 809.10 dn 9.60
Nov 782.70 dn 11.10
