Glacier FarmMedia MarketsFarm – The ICE Futures canola market added onto its recovery from Wednesday, finding some strength from vegetable oils.
European rapeseed and Malaysian palm oil showed strong gains while Chicago soyoil was slightly higher. Crude oil was also up in the middle of trading.
Cooler temperatures continued in the Prairies with warmer weather returning in the weekend.
One analyst said weakness in soybeans could put an end to canola’s rally, but gains in rapeseed and palm oil were providing support.
About 19,500 contracts have traded at 10:15 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 602.70 up 8.10
Jan 611.50 up 8.10
Mar 619.00 up 8.50
May 623.50 up 9.00
