ICE Midday: Canola turns around on Tuesday

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market rebounded Tuesday, following gains in vegetable oils.

Malaysian palm oil rose sharply, while Chicago soyoil and European rapeseed were both higher. Crude oil also increased slightly on Tuesday after suffering its worst one-day loss in two years on Monday.

One analyst said that seasonal charts indicate canola prices would be in an uptrend for the rest of the calendar year before becoming flat at the start of 2025.

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

About 26,000 contracts have traded at 10:14 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Nov 638.00     up 11.50

Jan 650.00     up 10.30

Mar 658.30     up  9.20

May 662.20     up  8.20