WINNIPEG – The ICE Futures canola market continued its ongoing rise, on track for a sixth straight positive session.
Chicago soyoil, European rapeseed and Malaysian palm oil were all higher in the middle of trading. However, crude oil was lower due to underwhelming Chinese economic data and a restart in production at the Sharara oil field in Libya after it was disrupted by protesters last week.
The Canadian dollar was up nearly one-tenth of a United States cent compared to Friday’s close.
One trader said that canola is still being lifted by a weather market brought on by dry conditions on the Prairies.
“The markets aren’t looking very good for precipitation,” the trader said. “Canola conditions are declining. Three weeks ago, canola was at 65 per cent good to excellent. Now, we’re at around 50, maybe even 45.”
Nearly 21,450 canola contracts were traded as of 10:16 CDT.
Price Change
Nov 828.90 up 8.10
Jan 817.40 up 2.90
Mar 805.00 up 1.50
May 791.00 up 0.80
