ICE Midday: Canola showing independent strength

Glacier FarmMedia MarketsFarm – The ICE Futures canola market continued its upward momentum on Tuesday, rising by double digits.

While Chicago soyoil and European rapeseed were up, Malaysian palm oil was down and crude oil corrected itself from Monday’s gains.

Statistics Canada (StatCan) will release its latest principal field crop report Wednesday morning at 7:30 a.m. CDT. One analyst said he believes the 2023 canola production numbers will be revised upward by at least 500,000 tonnes and this year’s figure should exceed the current estimate of 18.63 million tonnes. However, citing StatCan’s methodology, the analyst added he wouldn’t take much stock in the numbers.

The Canadian dollar was up more than one-tenth of a United States cent compared to Monday’s close.

About 28,400 contracts have traded at 10:17 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Nov 601.40     up 11.70

Jan 611.30     up 10.70

Mar 618.20     up  9.00

May 623.60     up  9.70