By Glen Hallick, MarketsFarm
WINNIPEG, March 28 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher at midsession on Tuesday, as the funds continued to get out of their very large short positions.
“It’s a very impressive rally in canola,” commented an analyst.
“Any short position established after March 14 is underwater right now,” he added.
Additional support for canola was coming from gains in the Chicago soy complex, European rapeseed, and Malaysian palm oil. There were small upticks in global crude oil prices, which lent a little of spillover to the vegetable oils.
The United States Department of Agriculture attaché in Canada projected an increase in canola production in 2023/24 while there’s to be a reduction in the soybean crop.
The Canadian dollar continued to push higher on Tuesday, with the loonie at 73.44 U.S. cents, compared to Monday’s close of 73.09.
Approximately 19,350 canola contracts were traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Price Change Canola May 761.50 up 8.30 Jul 746.30 up 4.20 Nov 718.80 up 2.30 Jan 721.20 up 1.40
