Glacier FarmMedia MarketsFarm – The ICE Futures canola market was slightly higher on Tuesday morning, despite mixed sentiment in comparable oils.
While Malaysian palm oil and Chicago soyoil were higher, European rapeseed was in the red. Crude oil came down amid shifting outlooks with regards to the Israel-Hamas war.
The Canadian dollar was down one-tenth of a U.S. cent compared to Monday’s close.
Statistics Canada reported today canola stocks as of March 31 were up 17.5 per cent from the year before at 8.3 million tonnes. While exports were down 36 per cent at 3.7 million tonnes, domestic use was up 10.8 per cent at a record 8.1 million tonnes.
Nearly 15,000 contracts were traded. Prices in Canadian dollars per metric ton as of 8:40 CDT:
Jul. 664.50 up 3.60
Nov. 678.30 up 2.90
Jan. 684.30 up 2.50
Mar. 686.70 up 2.00
