ICE Canola Midday: Rallying for a third day
But less support out of Chicago
By Glen Hallick
Glacier Farm Media | MarketsFarm – The rally in canola futures on the Intercontinental Exchange continued late Tuesday morning, with an analyst noting traders are skeptical about rain in the Prairie forecast.
“Canola is still a rocket ship,” the analyst said.
He added that if the rain does fall over the region on the weekend, “it would be a drink just at the right time.”
As well for canola, there were modest upticks in the Chicago soy complex, with the momentum in soyoil significantly diminished. The Canadian oilseed was further supported by increases Malaysian palm oil and European rapeseed.
Also, crude oil continued to increase due to the Israel-Iran conflict, with spillover further underpinning the oilseeds.
At mid-session Tuesday, the Canadian dollar stepped back following a hike in its United States counterpart. The loonie slipped to 73.58 U.S. cents compared to Monday’s close of 73.76.
Approximately 43,200 canola contracts were traded as of 10:23 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Jul 747.20 up 4.10 Nov 741.10 up 5.20 Jan 750.00 up 5.50 Mar 756.40 up 6.10