Glacier FarmMedia MarketsFarm – The ICE Futures canola market regained positive momentum on Monday morning thanks to support from comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were all on the rise this morning. Crude oil was higher due to the deadly terrorist attack in Russia last weekend and a bullish outlook from Goldman Sachs.
Statistics Canada reported this morning that 897,790 tonnes of canola were crushed in February, down nearly 39,000 from January, but up more than 85,000 from February 2023. It also reported that 1.453 million tonnes were delivered by producers in February, down nearly 133,000 from January and down nearly 44,000 from February 2023.
The Canadian dollar was steady compared to Friday’s close.
Nearly 10,500 contracts were traded. Prices in Canadian dollars per metric ton as of 8:42 CDT:
May 640.00 up 5.50
Jul. 649.30 up 5.20
Nov. 656.00 up 3.80
Jan. 664.80 up 4.90
