ICE Midday: Canola remains in positive territory

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market made small gains on Tuesday amidst mixed sentiment in comparable oils.

Chicago soyoil and Malaysian palm oil were down while European rapeseed was on both sides of unchanged. Meanwhile, crude oil was slightly higher.

One analyst said farmers may not start selling canola until prices surpass the C$640 per tonne level. The analyst also doesn’t anticipate any surprising figures in the United States Department of Agriculture’s monthly supply/demand estimates to be released later today.

The Canadian dollar was down nearly one-quarter of a U.S. cent compared to Monday’s close.

About 44,800 contracts have traded at 10:09 CST. Prices in Canadian dollars per metric tonne:

Price          Change

Jan 622.90     up  4.20

Mar 630.50     up  3.00

May 637.00     up  1.90

Jul 638.60     up  0.90