ICE Close: Vegetable Oil Markets Support

Canola futures ended mostly stronger on Monday, seeing a continuation of the previous week's gains as strength in outside vegetable oil markets provided support.

Malaysian palm oil and Chicago soyoil futures were both up on the day, which spilled over to underpin canola.  Canada's tight supply situation was also supportive, although a broker noted that demand was already being rationed at current price levels.

With crush margins in negative territory, he said there was no real reason for canola to go any higher on its own, but the strength elsewhere was enough to provide support.

November canola was up $5.60 at $921.10, January added $8.20 to $915.30 and March gained $8.70 to $900.10.

Source: DePutter Publishing Ltd.

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