ICE Midday: Canola turns around on Tuesday

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market was in recovery mode after Monday’s losses, albeit with a mixed sentiment in comparable oils.

Malaysian palm oil was higher, while Chicago soyoil was lower and European rapeseed was mixed. Protests at two Libyan ports and weak Chinese economic data have left crude oil prices at a standstill.

One analyst said it would be “a good thing” if the March canola contract consolidated between C$630 and C$640 per tonne. Another analyst believes there could be a major selloff if United States President Donald Trump goes through with tariffs on Canadian goods.

The Canadian dollar was steady compared to Monday’s close.

About 21,600 contracts have traded at 10:19 CST. Prices in Canadian dollars per metric tonne:

Price          Change

Mar 635.70     up  5.00

May 644.70     up  4.90

Jul 649.70     up  3.90

Nov 637.60     up  4.80