ICE Midday: Canola prices lifted by other markets

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market found strength from rallies in the equity and commodity markets on Tuesday, with the May contract moving above its 20-, 50- and 100-day moving averages.

One analyst said rising soybean prices were also giving canola prices a boost. Another said that due to the high rate of canola exports and a strong domestic crush, demand rationing must begin before July, which would raise prices even further.

European rapeseed was up while Malaysian palm oil was mostly higher and Chicago soyoil was steady. Crude oil was also making gains.

The Canadian dollar was up two-tenths of a United States cent compared to Monday’s close.

About 32,700 canola contracts have traded at 10:14 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

May 642.30     up  5.70

Jul 648.30     up  5.30

Nov 629.30     up  0.90

Jan 636.90     up  0.40