The ICE Futures canola market is turning around on Tuesday, making gains while going along with vegetable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil reversed their fortunes by moving higher. However, crude oil was lower due to a stronger United States dollar and weaker demand.
The Canadian dollar was down nearly two-tenths of a U.S. cent compared to Monday’s close. Statistics Canada reported today that the country’s annual inflation rate dropped to 2.7 per cent in June, raising the chances of a key interest rate cut next week.
One analyst said the direction of soybeans’ next major price movement will determine where canola prices will go.
About 26,200 contracts have traded at 10:06 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 625.00 up 9.50
Jan 632.40 up 8.10
Mar 637.70 up 7.00
May 642.60 up 6.50
