ICE canola boosted by oils, weather

Glacier FarmMedia MarketsFarm – The ICE Futures canola market resumed its rally on Monday, receiving support from comparable oils as well as hot and dry temperatures.

Chicago soyoil, European rapeseed and Malaysian palm oil were all higher on Monday morning. However, crude oil was lower, partially due to economic uncertainty in China.

The Canadian dollar was down more than one-tenth of a United States cent compared to Friday’s close. The Bank of Canada (BoC) will announce its key interest rate decision on Wednesday.

Roughly 17,200 contracts were traded. Prices in Canadian dollars per metric ton as of 8:39 CDT:

Nov.  664.00  up 17.80

Jan.  668.50  up 16.80

Mar.  671.10  up 15.40

May   672.20  up 14.10