By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures pushed higher at mid-session Tuesday, as trading resumed after the markets in Canada and the United States were closed on Monday for holidays.
One analyst suggested there was a spate of buying by Chinese firms that’s behind today’s increases. Another analyst said with the pressure from other oils canola was “facing a tough time today” in retaining its gains.
Chicago soyoil and European rapeseed were to the downside, but there were small upticks in Malaysian palm oil, as well as Chicago soybeans and soymeal. Losses in global crude oil prices added more pressure on the oilseeds.
A stretch of above normal temperatures was forecast for the Prairies, that’s likely to continue into March, according to an analyst.
By late-Tuesday morning the Canadian dollar pulled back with the loonie at 73.99 U.S. cents compared to Friday’s close of 74.16.
Approximately 45,850 canola contracts were traded as of 10:25 CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 585.80 up 8.40 May 594.30 up 6.60 Jul 602.30 up 4.90 Nov 607.20 up 3.00
