Glacier FarmMedia MarketsFarm – The ICE Futures canola market maintained its momentum from Tuesday, rising to calendar-year highs on Wednesday.
Canola was supported by Chicago soyoil and European rapeseed. However, Malaysian palm oil was down and so was crude oil after reports suggested a growth in United States stockpiles.
The Canadian dollar was down one-tenth of a U.S. cent compared to Tuesday’s close.
One analyst said the July canola contract is trying to get above C$670 per tonne, while the November contract will try for C$700. However, another warned that selling should intensify over the next two to three weeks.
About 23,100 contracts have traded at 10:19 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Jul 671.00 up 5.80
Nov 691.60 up 6.00
Jan 699.20 up 5.50
Mar 705.60 up 4.60
