Glacier FarmMedia MarketsFarm – The ICE Futures canola market opened the week on the rise, with the November contract already hitting a two-week high.
Chicago soyoil, European rapeseed and Malaysian palm oil were all higher to start the week. Crude oil gained up to US$2 per barrel due to another flareup of tensions in the Middle East.
One analyst confirmed that strength in comparable oils, especially Malaysian palm oil, was giving canola prices a lift. The analyst also said what farmers decide to do with their old crop will dictate prices in the short term.
The Canadian dollar was up one-quarter of a United States cent compared to Friday’s close.
About 17,300 contracts have traded at 10:07 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 588.00 up 3.20
Jan 599.20 up 2.60
Mar 608.10 up 2.90
May 614.40 up 3.90
