Glacier FarmMedia | MarketsFarm – The ICE Futures canola market sharply rose in the middle of trading on Tuesday, assisted by higher Chicago soyoil prices.
An analyst said soyoil received a boost after United States Department of Agriculture Secretary Brooke Rollins announced more than US$500 million in funding for biofuel infrastructure despite the lack of a national biofuel policy.
European rapeseed was mixed while crude oil was mostly steady as the oil industry awaits the effects of potential U.S. tariffs on imports starting Wednesday. Malaysian palm oil was not traded today due to a holiday.
The Canadian dollar was up one-quarter of a U.S. cent compared to Monday’s close.
About 33,000 contracts have traded at 10:15 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 623.00 up 10.50
Jul 629.10 up 10.20
Nov 625.90 up 7.90
Jan 635.50 up 8.50
