WINNIPEG – The ICE Futures canola market was on the rise in the middle of trading on Monday, receiving spillover from other markets.
Chicago soyoil was higher while Malaysian palm oil was lower. Nearby contracts for European rapeseed were up, while deferreds were down. Crude oil was up more than US$1 per barrel despite fears over reduced demand in a possible recession.
One trader said that canola was making gains due to rising grain prices on the Chicago Board of Trade (CBOT), but weather in Western Canada was also a concern.
“Hot, dry (weather in the) forecast next week in the Prairies,” the trader said.
The Canadian dollar was up two-tenths of a United States cent compared to Friday’s close.
Nearly 14,050 canola contracts were traded as of 10:29 CDT.
Price Change
Jul 728.90 up 16.00
Nov 703.70 up 13.10
Jan 706.90 up 11.50
Mar 710.00 up 11.00
