WINNIPEG – The ICE Futures canola market left its upward trajectory unabated on Tuesday with another positive session.
Chicago soyoil and European rapeseed were also higher in the middle of trading, while Malaysian palm oil was down. Crude oil gained more than US$1 per barrel after news that Russia will reduce its crude exports in the third quarter.
One analyst said there were signs of liquidation with selloffs in the Nov/Jan and Jan/Mar spreads.
The Canadian dollar was up almost one-tenth of a United States cent compared to Monday’s close. Statistics Canada (StatCan) reported earlier today that the country’s inflation rate dropped to 2.8 per cent in June, the lowest in two years.
Nearly 15,800 canola contracts were traded as of 10:15 CDT.
Price Change
Nov 830.90 up 1.10
Jan 824.80 up 4.00
Mar 814.40 up 4.30
May 801.90 up 2.10
