Glacier FarmMedia -– Canola futures at the Intercontinental Exchange on Tuesday rebounded from Monday’s losses, thanks to support from comparable oils.
An analyst said that the canola trade was getting “back to fundamentals” and a move above C$650 per tonne would be supportive from a chart standpoint. However, he questioned if the market would be able to sustain that level for an extended period after failing in previous attempts. March canola exceeded C$650 in trading before settling below the mark.
Chicago soyoil gained more than one cent per pound, while European rapeseed was also higher. Malaysian palm oil was slightly lower. Crude oil showed increases after India pledged to stop buying Russian oil.
At mid-afternoon, the Canadian dollar was up more than one-tenth of a U.S. cent compared to Monday’s close.
There were 62,004 canola contracts traded on Tuesday, compared to Monday when 40,113 contracts changed hands. Spreading accounted for 45,876 of the contracts traded.
