WINNIPEG, Manitoba--The ICE Futures canola market was higher in the middle of trade on Tuesday amidst positive sentiment in comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were all on the rise as part of widespread increases across many commodities. Crude oil was also higher due to tensions in the Middle East and supply concerns.
Statistics Canada reported earlier today that the country's January canola crush hit an all-time record of 936,593 tonnes, down 6,700 from December.
The Canadian dollar was down less than one-tenth of a United States cent compared to Monday's close.
One analyst said that buying from speculative funds as well as short-covering were also contributing to canola's gains.
About 35,600 contracts have traded at 10:27 CST. Prices in Canadian dollars per metric tonne:
Price Change
Mar 586.60 up 5.50
May 594.00 up 5.70
Jul 600.50 up 5.30
Nov 607.30 up 5.70
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-27-24 1203ET
