ICE Canola Midday : More Gains for the Canadian Oilseed

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were higher at midsession on Tuesday, as the funds continued to get out of their very large short positions.

"It's a very impressive rally in canola," commented an analyst. "Any short position established after March 14 is underwater right now."

Additional support for canola was coming from gains in the Chicago soy complex, European rapeseed and Malaysian palm oil. There were small upticks in global crude oil prices, which lent a little of spillover to the vegetable oils.

The U.S. Department of Agriculture attaché in Canada projected an increase in canola production in 2023/24 while there's to be a reduction in the soybean crop.

The Canadian dollar continued to push higher Tuesday, with the loonie at 73.44 U.S. cents, compared with Monday's close of 73.09.

Approximately 19,350 canola contracts were traded as of 11:35 EDT.

Prices in Canadian dollars per metric ton at 11:35 EDT:

 
                Price    Change 
Canola     May  761.50  up 8.30 
           Jul  746.30  up 4.20 
           Nov  718.80  up 2.30 
           Jan  721.20  up 1.40 
 
 

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

(END) Dow Jones Newswires

03-28-23 1204ET