WINNIPEG – The ICE Futures canola market was slightly higher, but still rangebound on Tuesday.
Chicago soyoil was on the rise, while European rapeseed was steady to higher and Malaysian palm oil was mostly lower. Crude oil gained approximately US$2 per barrel as Saudi Arabia expressed confidence in an upcoming recovery of Chinese demand.
The Canadian dollar was up less than one-tenth of a U.S. cent compared to Monday’s close.
Earlier today, Statistics Canada (StatCan) reported that there were 11.356 million tonnes of canola stocks as of Dec. 31, 2022, compared to only 8.786 million one year earlier. However, one analyst does not believe this had any effect on canola prices.
“Given that the whole range has been C$8 or C$9 on these canola contracts, that’s pretty quiet for movement,” the analyst said.
Nearly 17,080 canola contracts were traded as of 10:34 CST.
Price Change
Mar 835.10 up 1.60
May 832.90 up 2.10
Jul 832.80 up 2.40
Nov 811.80 up 0.70
