Glacier FarmMedia MarketsFarm – The ICE Futures canola market extended its rally on Wednesday courtesy of rising prices for most comparable oils.
European rapeseed and Malaysian palm oil were up while crude oil was stronger due to weakness in the United States dollar and a drawdown in stockpiles. However, Chicago soyoil was slightly lower.
The Canadian dollar was steady compared to Tuesday’s close. Meanwhile, the U.S. Dollar Index fell to its lowest level since May after the Japanese yen rallied.
One analyst described the Chicago soy complex as “suspect” and mentioned lower export demand for the U.S. crop for its relative weakness. The analyst also expects canola to trade within a range of C$600 to C$650 per tonne.
About 22,900 contracts have traded at 10:11 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 628.50 up 7.30
Jan 635.70 up 7.40
Mar 640.80 up 7.20
May 650.50 up 13.00
