WINNIPEG, Manitoba--The ICE Futures canola market was in positive territory in the middle of Tuesday trading, with mixed sentiment in vegetable oils.
While European rapeseed was up, Chicago soyoil was down and Malaysian palm oil was lower in the nearby contracts. Crude oil continued to rise after the release of economic data from China and Ukrainian attacks on Russian refineries.
The Canadian dollar was down nearly one-third of a U.S. cent compared with Monday's close. Statistics Canada reported Tuesday that the annual inflation rate declined to 2.8% in February.
One analyst said there is a "break" in the downtrend for European rapeseed, while another commented that Malaysian palm oil prices may be "topping out."
About 24,700 contracts have traded at 10:21 a.m. CDT.
Prices in Canadian dollars per metric ton:
Price Change
Canola May 634.40 up 2.70
Jul 643.90 up 2.60
Nov 649.90 up 2.70
Jan 656.50 up 1.50
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-19-24 1151ET
