WINNIPEG, Manitoba--The ICE Futures canola market moved higher in the middle of Monday trading, largely supported by the Chicago soy complex.
Chicago soyoil was up nearly 2 U.S. cents per pound, while Malaysian palm oil was slightly higher and European rapeseed was mostly lower. Crude oil gained nearly $1 dollar per barrel amidst ongoing tensions in the Middle East.
The Canadian dollar was up less than one-tenth of a U.S. cent compared with Friday's close.
One analyst said there is concern about Brazil's upcoming soybean crop due to dry weather in northern parts of the country and wet weather in the south. This would raise soybean prices, and in turn, support canola.
About 17,300 contracts have traded at 10:18 CST. Prices in Canadian dollars per metric ton:
CanolaPrice Change
Jan 697.90 up 5.60
Mar 705.70 up 4.50
May 711.00 up 4.30
Jul 716.00 up 3.70
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
11-06-23 1153ET
