The ICE Futures canola market continued its recent rise on Tuesday morning, aided by largely positive sentiment in vegetable oils.
European rapeseed was up while Malaysian palm oil was mostly higher. However, Chicago soyoil was slightly lower and crude oil was steady.
The average value of Canadian farmland increased by 11.5 per cent in 2023, compared to 12.8 per cent in 2022, according to Farm Credit Canada’s Farmland Values Report. Farmland value in Saskatchewan rose the highest at 15.7 per cent, while Manitoba’s went up by 11.1 per cent and Alberta’s increased by 6.5 per cent.
The Canadian dollar was down less than one-tenth of a United States cent compared to Monday’s close.
Nearly 6,700 contracts were traded. Prices in Canadian dollars per metric ton as of 8:40 CDT:
May 620.90 up 5.20
Jul. 628.50 up 5.20
Nov. 634.10 up 5.10
Jan. 639.80 up 3.40
