WINNIPEG – The ICE Futures canola market was rallying at midday Tuesday, making gains in the double-digits.
One analyst said that more fund money was being put into the long side of the canola market after they went short last week. The analyst also predicted that nearby canola could rise as high as C$875 per tonne within the next two weeks.
While Chicago soyoil was mixed, European rapeseed and Malaysian palm oil were both higher. Crude oil was also higher, as OPEC+ plans to meet on the weekend to discuss possible production cuts.
The Canadian dollar also brought support to canola prices by losing seven-tenths of a United States cent from Monday’s close.
Nearly 19,200 canola contracts were traded as of 10:21 CST.
Price Change
Canola Jan 841.60 up 23.80
Mar 836.00 up 18.60
May 838.50 up 16.60
Jul 843.00 up 15.70
