Glacier FarmMedia MarketsFarm – The ICE Futures canola market made modest gains in the middle of Monday trading due to support from comparable oils and a weaker Canadian dollar.
Malaysian palm oil was up while European rapeseed was mostly higher. Crude oil was also up while Chicago soyoil was steady.
The Canadian dollar was down more than one-tenth of a United States cent compared to Friday’s close.
One analyst said that a lot of “bailing” on basis contracts has relieved selling pressure for canola, but the oilseed still needs a catalyst for larger gains.
About 21,100 contracts have traded at 10:20 CST. Prices in Canadian dollars per metric tonne:
Price Change
Mar 578.20 up 5.80
May 583.80 up 5.60
Jul 590.80 up 4.20
Nov 597.30 up 3.70
