Glacier FarmMedia | MarketsFarm – The ICE Futures canola market was higher in the July contract while other contracts dropped.
An analyst said canola is still considered to be undervalued and there is the possibility of a counter-rally or a “dead cat bounce.” However, another said he doesn’t expect any breakout on the upside.
Chicago soyoil, European rapeseed and Malaysian palm oil were down on Wednesday morning. Crude oil was also in decline due to recession fears as April looks to be its worst month since November 2021.
The Canadian dollar was up two-tenths of a U.S. cent compared to Tuesday’s close.
About 18,200 canola contracts have traded at 10:12 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Jul 688.50 up 1.50
Nov 647.20 dn 3.20
Jan 655.10 dn 3.60
Mar 661.10 dn 5.40
