Glacier FarmMedia – Canola futures on the Intercontinental Exchange looked to rally for a fourth straight session on Monday, supported by Chicago soyoil.
May Chicago soyoil was up one United States cent per pound while exceeding 60 cents in value. An analyst said this was a primary reason for canola’s gains. European rapeseed and Malaysian palm oil were also higher. Crude oil prices were up slightly as talks between the U.S. and Iran are set to resume.
The analyst also said July canola surpassing the C$700 per tonne level will see selling activity. He also attributed canola’s gains to funds turning short oilseed positions into longs.
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The Canadian dollar was steady compared to Friday’s close.
About 38,100 canola contracts have traded at 10:17 CST. Prices in Canadian dollars per metric tonne:
Price Change
May 692.40 up 5.70
Jul 703.00 up 5.90
Nov 694.20 up 6.60
Jan 701.00 up 7.10
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
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