ICE canola prolongs rally

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market extended its rally on Monday morning as tight supplies and a strong export demand provided support for the oilseed.

Chicago soyoil and European rapeseed were also higher, while Malaysian palm oil did not trade due to a holiday. Crude oil was up around US$2 per barrel after the United States and China agreed to tariff reductions earlier today.

The Canadian dollar was down one-third of a U.S. cent compared to Friday’s close.

Nearly 19,000 contracts were traded. Prices in Canadian dollars per metric ton as of 8:35 CDT:

Jul  722.80  up 10.70

Nov  680.10  up  9.50

Jan  686.70  up  8.70

Mar  693.20  up  8.40