WINNIPEG, Manitoba--The ICE Futures canola market made small gains on Tuesday morning despite overall support from comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were in positive territory. Crude oil also was higher as tensions in the Middle East outweighed hawkish sentiment from the U.S. Federal Reserve.
The Canadian dollar was steady compared with Monday's close.
One analyst said canola prices are stuck in a pattern of alternating plateaus and declines.
"I can't imagine this would be the bottom," the analyst added.
Crop consultancy Strategie Grains projected 2024-25 rapeseed production in the European Union to decline by 7% at 18.4 million tonnes due to a sharp drop in planted area.
About 25,900 contracts have traded at 11:15 a.m. ET. Prices in Canadian dollars per metric tonne:
Canola
Price Change
Mar 599.70 up 1.40
May 605.80 up 1.60
Jul 610.10 up 1.40
Nov 609.80 up 1.00 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-06-24 1150ET
