ICE Canola Surges in Playing Catch-Up After Holiday

WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange shot up on Tuesday morning, as trading resumed after Canada Day.

Canola was catching up with strong gains on Monday in Chicago soybeans and especially in soyoil, while soymeal was up modestly. Increases in European rapeseed and sharp hikes in Malaysian palm oil spilled over into the Canadian oilseed.

Upticks in crude oil were underpinning the vegetable oils.

More rain across the Prairies has led some in the trade to believe a good portion of the region's crops will be delayed, with diseases and other issues looming.

Alberta reported on Friday that its crops provincewide rated 74% good to excellent with its canola at 70%.

The Canadian dollar stepped back on Tuesday morning, with the loonie at 72.88 U.S. cents compared with Friday's close of 73.06.

Approximately 27,350 contracts had traded by 9:38 EDT and prices in Canadian dollars per metric tonne were:

 
                          Price      Change 
Canola            Nov     653.50     up 26.20 
                  Jan     660.50     up 25.60 
                  Mar     666.50     up 24.70 
                  May     670.50     up 24.00 
 

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

(END) Dow Jones Newswires

07-02-24 1008ET