Glacier FarmMedia MarketsFarm – The ICE Futures canola market made yet another charge upwards in the middle of Tuesday trading, supported by rising comparable oils.
Crude oil hit its highest prices in six months due to impending supply cuts from OPEC+. Chicago soyoil, European rapeseed and Malaysian palm oil were also on the rise. One analyst said crude oil gave support to vegetable oils today, adding that May canola could potentially move up to C$660 per tonne.
The Canadian dollar was steady compared to Monday’s close.
A system will bring up to 30 millimetres of precipitation in parts of southern Alberta on Wednesday and slightly less precipitation to southern Saskatchewan on Thursday. Temperatures in Alberta will rise up to 20 degrees Celsius later this week.
About 26,200 contracts have traded at 10:08 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 641.40 up 7.20
Jul 650.30 up 7.50
Nov 658.30 up 7.50
Jan 665.80 up 8.40
