Glacier FarmMedia MarketsFarm – The ICE Futures canola market was in positive territory in the middle of Tuesday trading with mixed sentiment in vegetable oils.
While European rapeseed was up, Chicago soyoil was down and Malaysian palm oil was lower in the nearby contracts. Crude oil continued to rise after the release of economic data from China and Ukrainian attacks on Russian refineries.
The Canadian dollar was down nearly one-third of a United States cent compared to Monday’s close. Statistics Canada reported today that the annual inflation rate declined to 2.8 per cent in February.
One analyst said there is a “break” in the downtrend for European rapeseed, while another commented that Malaysian palm oil prices may be “topping out”.
About 24,700 contracts have traded at 10:21 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 634.40 up 2.70
Jul 643.90 up 2.60
Nov 649.90 up 2.70
Jan 656.50 up 1.50
