WINNIPEG, Manitoba--The ICE Futures canola market made yet another charge upward in the middle of Tuesday trading, supported by rising comparable oils.

Crude oil hit its highest prices in six months due to impending supply cuts from OPEC+. Chicago soyoil, European rapeseed and Malaysian palm oil also were on the rise. One analyst said crude oil gave support to vegetable oils today, adding that May canola could potentially move up to C$660 per tonne.

The Canadian dollar was steady compared with Monday's close.

A system will bring up to 30 millimetres of precipitation in parts of southern Alberta Wednesday and slightly less precipitation to southern Saskatchewan Thursday. Temperatures in Alberta will rise up to 20 degrees Celsius later this week.

About 26,200 contracts have traded at 11:08 a.m. ET. Prices in Canadian dollars per metric tonne: 


Canola 
    Price  Change 
May 641.40 up 7.20 
Jul 650.30 up 7.50 
Nov 658.30 up 7.50 
Jan 665.80 up 8.40

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

04-02-24 1203ET