Glacier FarmMedia MarketsFarm – The ICE Futures canola market showed modest gains for canola in the middle of Monday trading.
European rapeseed and Malaysian palm oil were both in positive territory while crude oil rose due to welcomed economic data from China and Ukrainian attacks on Russian refineries. However, Chicago soyoil was in the red, limiting canola’s rise.
The Canadian dollar was down less than one-tenth of a United States cent compared to Friday’s close.
One analyst said that oilseed selling was “overdone” and with good buying activity from the funds last week, canola “still has some life”. Another analyst added farmer selling of U.S. soybeans has backed off.
About 25,400 contracts have traded at 10:18 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 633.00 up 2.40
Jul 642.70 up 2.60
Nov 648.50 up 1.10
Jan 656.20 up 1.50
