WINNIPEG – The ICE Futures canola market was making double-digit gains in the middle of trading on Tuesday despite mixed sentiment in comparable oils.
Chicago soyoil and European rapeseed were up, but Malaysian palm oil was mostly lower. Crude oil had a correction, moving downwards despite Saudi Arabia’s plans to cut output starting in July.
One analyst said canola’s rise was due to the funds covering short positions as well as a lack of selling and ongoing dryness in the Prairies.
The Canadian dollar was up one-tenth of a United States cent compared to Monday’s close.
Nearly 18,450 canola contracts were traded as of 10:21 CDT.
Price Change
Jul 669.70 up 14.60
Nov 646.50 up 15.40
Jan 652.70 up 16.00
Mar 654.60 up 12.20
