WINNIPEG, Manitoba-- The ICE Futures canola market was slightly higher coming out of the Victoria Day weekend despite weakness in comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were all down on Tuesday morning. Crude oil was also lower as traders turn their focus to next month's OPEC+ meeting.
The Canadian dollar was down less than one-tenth of a United States cent compared to Friday's close. Statistics Canada reported today that the annual inflation rate fell to its lowest in three years at 2.7 percent.
One analyst said that due to the long weekend, canola was catching up to Monday's gains at the Chicago Board of Trade, especially in the soy complex. The analyst also stated that despite some concerns over dryness, Australia's canola crop will be competitive with Canada's on the market this year.
About 26,900 contracts have traded at 10:22 CDT. Prices in Canadian dollars per metric tonne:
Canola
Price Change
Jul 665.10 up 4.00
Nov 684.80 up 3.90
Jan 692.40 up 3.50
Mar 699.80 up 3.80
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-21-24 1156ET
