WINNIPEG – The ICE Futures canola market made its way upwards after the November contract encountered support at the C$710 per tonne level.
Crude oil added strength to the oilseed with prices going higher. Meanwhile, Chicago soyoil was also on the rise, European rapeseed was mixed and Malaysian palm oil was lower.
The Canadian dollar was down more than one-tenth of a United States cent compared to Monday’s close.
One analyst said that crushers are showing greater demand for canola and with support at current price levels, technical patterns and charts are soon to change.
Sunny skies with high temperatures between 20 and 30 degrees Celsius were in the forecast across the Prairies today, with the exception of northern Alberta which will see cooler temperatures as well as rain.
About 24,250 contracts had traded at 10:32 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 714.80 up 3.90
Jan 723.70 up 3.00
Mar 729.20 up 1.70
May 734.50 up 1.20
