WINNIPEG – The ICE Futures canola market had small gains to start the week amid mixed sentiment in comparable oils and a stronger Canadian dollar.
Chicago soyoil and Malaysian palm oil were both higher on Monday morning, but European rapeseed was lower. Crude oil was also down as many await a ground offensive by Israeli forces into the Gaza Strip.
The Canadian dollar was up more than one-tenth of a United States cent compared to Friday’s close.
High temperatures in the Prairies will be in the double digits Celsius on Monday with clear skies throughout the region except for rain in northern Alberta.
One analyst said that Chicago soyoil is supporting canola prices, with the former still acting bullishly from the U.S. Department of Agriculture’s monthly supply/demand report released on Oct. 12.
About 27,200 contracts have traded at 10:14 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 722.90 up 2.90
Jan 727.00 up 1.90
Mar 731.70 up 2.90
May 734.30 up 0.80
