ICE Canola Extends Rally Midday

WINNIPEG, Manitoba--The ICE Futures canola market maintained its momentum from Tuesday, rising to calendar-year highs on Wednesday.

Canola was supported by Chicago soyoil and European rapeseed. However, Malaysian palm oil was down and so was crude oil after reports suggested a growth in U.S. stockpiles.

The Canadian dollar was down one-tenth of a U.S. cent compared to Tuesday's close.

One analyst said the July canola contract is trying to get above C$670 per metric ton, while the November contract will try for C$700. However, another warned that selling should intensify over the next two to three weeks.

About 23,100 contracts have traded at 10:19 a.m. CDT.

Prices in Canadian dollars per metric ton:

 
                 Price          Change 
Canola       Jul 671.00     up  5.80 
             Nov 691.60     up  6.00 
             Jan 699.20     up  5.50 
             Mar 705.60     up  4.60 
 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

05-22-24 1150ET