The ICE Futures canola market rebounded in the middle of trading on Monday, receiving support from a weaker Canadian dollar amidst mixed sentiment in comparable oils.
Chicago soyoil and Malaysian palm oil were up, while European rapeseed was down. Crude oil was lower on expectations the United States Federal Reserve will wait longer to cut interest rates.
The loonie was down one-half of a U.S. cent compared to Friday’s close.
One analyst said that the sentiment towards canola is as bad as it had been over the past 35 years. While the analyst said that a sharp increase in prices should be imminent, it’s hard to say when it will occur.
About 31,000 contracts have traded at 10:13 CST. Prices in Canadian dollars per metric tonne:
Price Change
Mar 598.00 up 5.90
May 604.00 up 5.40
Jul 608.40 up 5.80
Nov 608.90 up 6.40
