ICE canola narrowly mixed Tuesday morning

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The ICE Futures canola market was narrowly mixed Tuesday morning, seeing some consolidation after hitting fresh five-month highs in overnight trade.

Chicago soyoil futures were stronger as activity in the United States markets resumed after the Memorial Day long weekend. European rapeseed and Malaysian palm oil futures were also higher. However, weakness in soybeans put some pressure on values.

Declining production prospects for the European rapeseed crop due to adverse weather provided support, with ongoing concerns over frost damage to crops in Ukraine and Russia also underpinning the grains and oilseeds.

About 12,000 canola contracts had traded as of 8:43 CDT.

Prices in Canadian dollars per metric ton at 8:43 CDT:

Canola            Jul   671.90    dn  0.30

Nov   693.00    up  0.20

Jan   700.20    up  0.30

Mar   706.30    dn  0.30