WINNIPEG – The ICE Futures canola market began the week on the rise, following the leads of vegetable oils and getting support from dry conditions.
Chicago soyoil, as well as European rapeseed and Malaysian palm oil were all in positive territory on Monday. Crude oil was steady to higher as the short-lived mercenary uprising by the Wagner Group in Russia had little effect on prices.
One analyst said the weather market was “volatile, violent and knee-jerk,” and anticipates plenty of movement ahead of the holiday weekend.
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“If we get an abundance of rain up until (the weekend) where we’re priced right now, we’re going to go down like a rock. If we don’t get the rain…and start the bull market in July, look out for August,” the trader said.
The Canadian dollar was up nearly one-quarter of a United States cent compared to Friday’s close.
Statistics Canada (StatCan) will release its latest principal field crop acreage estimates on Wednesday , followed by the U.S. Department of Agriculture’s acreage and quarterly grain stocks reports on Friday.
Nearly 17,600 canola contracts were traded as of 10:30 CDT.
Price Change
Jul 744.40 up 10.40
Nov 716.60 up 12.50
Jan 723.30 up 12.50
Mar 725.60 up 12.70
