Glacier FarmMedia – Canola futures on the Intercontinental Exchange were on the rise in the middle of Tuesday trading with Chicago soyoil helping lift prices.
Chicago soyoil was up one United States cent per pound, while European rapeseed was also higher. Malaysian palm oil was slightly lower. Crude oil was also moving upward as it recovered from a sharp drop on Monday.
An analyst said the canola trade is getting “back to fundamentals”. He added that the move above C$650 in the March contract was supportive from a chart standpoint but questioned if the market would be able to sustain that level for an extended period after failing in previous attempts.
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The Canadian dollar was up more than one-tenth of a U.S. cent compared to Monday’s close.
About 42,500 canola contracts have traded at 10:20 CST. Prices in Canadian dollars per metric tonne:
Price Change
Mar 650.30 up 5.30
May 661.90 up 5.50
Jul 671.00 up 6.10
Nov 663.40 up 6.40
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