WINNIPEG – The ICE Futures canola market was higher at midday Monday, outpacing comparable oils to the upside.
Chicago soyoil was slightly down, but European rapeseed was making gains. Crude oil was higher as China’s Golden Week holiday increases air travel. However, refineries in Asia are considering reductions in operations due to declining diesel and gasoline markets on the continent. Malaysian palm oil was not traded on Monday due to a holiday.
One trader believes that canola’s gains are the result of spreading.
“It’s just spreaders and speculators playing the canola and soy markets back and forth,” the trader said. “The markets are just in hold now and we’re just waiting to see how North American spring crops develop.”
The Canadian dollar was steady compared to Friday’s close.
Nearly 18,175 canola contracts were traded as of 10:33 CDT.
Price Change
May 774.10 up 9.50
Jul 733.50 up 3.60
Nov 701.90 up 1.40
Jan 706.20 up 1.20
