WINNIPEG, Manitoba--The ICE Futures canola market strengthened its rally at midday Tuesday while continuing to be buoyed by rising crude and vegetable oil prices.
Dry and sunny weather was forecast for the Prairies on Tuesday, accompanied by above-average high temperatures in the low-20 degrees Celsius range. Throughout the month of September, large parts of Saskatchewan and Alberta received less than 40% of normal precipitation.
One analyst said that early harvest reports from canola growers on the Prairies have "disappointing yields" compared to what had been previously forecast.
With the exception of December soy meal, the Chicago soy complex was all higher at midday, as well as European rapeseed and Malaysian palm oil.
Meanwhile, the Canadian dollar was benefiting from recent weakness in the U.S. greenback, moving upwards by half a U.S. cent.
Nearly 33,500 canola contracts were traded as of 10:31 CDT.
Canola Nov 883.50 up 19.70
Jan 890.80 up 19.50
Mar 896.90 up 17.90
May 895.70 up 14.90
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
10-04-22 1205ET
