ICE Canola Continues Higher in Morning Trading

WINNIPEG, Manitoba--The ICE Futures canola market was posting solid gains Tuesday morning, hitting its highest levels in more than three weeks as gains in outside markets provided spillover support.

Declining crop ratings for the U.S. soybean crop sent the Chicago soy complex climbing higher, with some of that buying interest spilling into canola as well. European rapeseed and Malaysian palm oil futures were also up on the day.

Some dry areas of Alberta are forecast to see some shower activity this week, while the eastern Prairies remain hotter and drier.

The Canadian dollar was stronger in early activity, tempering the advances in canola.

About 10,900 canola contracts had traded as of 9:46 a.m. EDT.

Prices in Canadian dollars per metric ton at 9:46 a.m. EDT:

 
                  Price    Change 
Canola       Jul  698.20  up 9.20 
             Nov  675.50  up 9.80 
             Jan  680.70  up 8.70 
             Mar  686.10  up 8.30 
 
 

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

(END) Dow Jones Newswires

06-13-23 1015ET