WINNIPEG -- The ICE Futures canola market was sharply higher at midday Monday, seeing some independent strength as chart-based positioning provided support.
While Chicago soyoil and European rapeseed were higher, Malaysian palm oil was mostly lower and crude oil was down as price premiums from Middle East tensions slowly disappear.
The Canadian dollar was up more than one-tenth of a U.S. cent compared to Friday's close.
Light rains are expected for much of the Prairies today, with the central Prairies expecting to see five to 10 millimetres of precipitation this week, while western Manitoba and the Foothills will see 20 to 30 mm. High temperatures will range from the mid-teens to low-20s Celsius.
One analyst said that the funds have been very erratic when it came to vegetable oils over the past few days, adding long positions one day and shorts the next.
About 29,200 contracts have traded at 10:13 CDT. Prices in Canadian dollars per metric ton:
Canola Price Change May 622.80 up 13.00 Jul 636.60 up 13.80 Nov 652.00 up 14.10 Jan 661.30 up 14.50
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-22-24 1150ET
