By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 2 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures turned higher on Tuesday, after getting caught up in the general sell-off that rippled through the grain markets earlier in the session.
Russia announced this morning that it will re-enter the Black Sea export agreement. On Sunday, Russia said it was pulling out of the deal after an alleged drone strike on its Black Sea fleet, claiming it was launched by Ukraine. Following talks with Turkey and the United Nations, Russia reportedly received an assurance from Ukraine that it wouldn’t use the safe corridors to launch future strikes.
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However, as today’s session progressed oilseeds began to recover with canola, the Chicago soy complex and Malaysian palm oil on the plus side. Meanwhile, European rapeseed remained significantly lower. Global crude oil prices also turned around, with their gains spilling over into vegetable oils.
An analyst suggested that the nearby January canola contract could reach C$1,000 per tonne by the time winter has set in. He pointed to the sharp increase in soyoil, which has climbed more than 1,300 points over the last month.
The Canadian dollar was lower with the loonie at 73.30 U.S. cents, compared to Tuesday’s close of 73.45.
Approximately 28,450 canola contracts were traded as of 10:38 CDT.
Prices in Canadian dollars per metric tonne at 10:38 CDT:
Price Change
Canola Jan 892.00 up 7.80
Mar 892.80 up 6.70
May 897.60 up 5.80
Jul 899.60 up 5.20
