ICE Close: Canola Settles Mixed on Conflicting Influences

The ICE Futures canola market was mixed at Tuesday's close, posting small gains in the front months and losses in the more deferred positions.

Conflicting outside influences kept some caution in the canola market. Chicago soyoil was stronger on the day, but European rapeseed and Malaysian palm oil were both weaker. Small bouts of speculative profit-taking kept a lid on the upside in canola, but the underlying fundamentals of tight supplies and the need to ration demand remained supportive overall.

January canola climbed $16.20 to $1,021.80, March added $15.50 to $997 and May gained $12.90 to $963.40.

Source: DePutter Publishing Ltd.

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