ICE canola up at midday Tuesday

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger at midday Tuesday, recovering from overnight losses as activity resumed after Monday’s National Day for Truth and Reconciliation.

Chicago soyoil futures were higher on Monday when the canola market was closed, accounting for some of today’s buying interest in the Canadian oilseed. Gains in European rapeseed and Malaysian palm oil were also supportive, with a rally in crude oil lending strength to vegetable oils.

Striking grain workers at the Port of Vancouver reached a tentative deal over the weekend, taking some uncertainty out of the canola market.

An estimated 36,800 canola contracts traded as of 10:48 CDT.

Prices in Canadian dollars per metric tonne at 10:45 CDT:

Canola            Nov   608.20    up  4.40

Jan   621.80    up  5.50

Mar   633.30    up  6.30

May   641.00    up  7.00