ICE Midday: Canola starts the week higher

Glacier FarmMedia MarketsFarm – The ICE Futures canola market opened the week on the rise, with the November contract already hitting a two-week high.

Chicago soyoil, European rapeseed and Malaysian palm oil were all higher to start the week. Crude oil gained up to US$2 per barrel due to another flareup of tensions in the Middle East.

One analyst confirmed that strength in comparable oils, especially Malaysian palm oil, was giving canola prices a lift. The analyst also said what farmers decide to do with their old crop will dictate prices in the short term.

The Canadian dollar was up one-quarter of a United States cent compared to Friday’s close.

About 17,300 contracts have traded at 10:07 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Nov 588.00     up  3.20

Jan 599.20     up  2.60

Mar 608.10     up  2.90

May 614.40     up  3.90