Glacier FarmMedia MarketsFarm – The ICE Futures canola market continued its rally on Tuesday amidst mostly positive sentiment in comparable oils.
Crude oil was trading higher, as well as Malaysian palm oil. However, Chicago soyoil was steady and European rapeseed was lower.
The Canadian dollar was two-tenths of a United States cent higher compared to Monday’s close.
One trader said that canola is breaking out of its long-term downtrend. The trader cited numerous reasons for canola’s recent strength such as weather concerns, an influx of funds entering the canola market and less selling activity from farmers.
About 42,300 contracts have traded at 10:26 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 634.40 up 7.50
Jul 645.50 up 4.90
Nov 656.80 up 2.50
Jan 664.40 up 1.50
