WINNIPEG – The ICE Futures canola market is starting the week with positive momentum, supported by vegetable oils.
Chicago soyoil and European rapeseed were both on the rise on Monday. However, Malaysian palm oil was down, while crude oil was also lower as traders await a delayed OPEC+ meeting later this week.
The Canadian dollar was virtually unchanged compared to Friday’s close.
An analyst said that the C$700 per tonne level will be critical in determining where canola prices will go. The analyst also confirmed that soyoil and rapeseed were supportive factors for canola.
About 16,500 contracts have traded at 10:22 CST. Prices in Canadian dollars per metric tonne:
Price Change
Jan 701.20 up 5.90
Mar 704.10 up 4.70
May 706.80 up 3.10
Jul 709.70 up 2.90
