Glacier FarmMedia MarketsFarm – The ICE Futures canola market began the week before Christmas with modest gains as comparable oils rose.
Chicago soyoil and Malaysian palm oil were both higher to start the day. Crude oil was up US$2 per barrel after Yemeni rebels attacked a BP vessel transporting vegetable oil on the Red Sea earlier today. However, European rapeseed was mostly lower.
The Canadian dollar was down less than one-tenth of a United States cent compared to Friday’s close.
One analyst said canola may be experiencing a ‘dead cat bounce’, but support from both soyoil and crude oil could keep canola prices in positive territory.
About 28,100 contracts have traded at 10:10 CST. Prices in Canadian dollars per metric tonne:
Price Change
Jan 649.50 up 4.10
Mar 663.00 up 4.10
May 673.70 up 3.90
Jul 678.40 up 3.90
