ICE Midday: Canola maintains its rally

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market maintained its upward momentum on Wednesday, lifted by rising comparable oils.

Malaysian palm oil continued its rally, while European rapeseed and Chicago soyoil were also higher. Crude oil was up more than US$1 per barrel after reports said OPEC+ could delay its planned December production increase.

An analyst said palm oil was a major supportive influence on canola prices, while another predicted the January canola contract to rise to C$660 to C$670 per tonne.

The Canadian dollar was down less than one-tenth of a United States cent compared to Tuesday’s close.

About 33,400 contracts have traded at 10:21 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Nov 640.80     up  9.00

Jan 655.30     up  8.10

Mar 661.90     up  7.10

May 665.10     up  6.80