ICE Canola Midday: Tacking on Modest Increases

Canola futures on the Intercontinental Exchange rose at midday Tuesday, driven by speculative funds and support from rising prices in Chicago soyoil, MATIF rapeseed, and Malaysian palm oil. A Winnipeg trader noted uncertainty about the market's direction, citing a potential record canola harvest exceeding Statistics Canada's estimate of 21.80 million tonnes. Year-to-date producer deliveries fell 11.1% to 7.28 million tonnes, while exports dropped 42.2%. The Canadian dollar remained stable at 73.08 U.S. cents, with approximately 17,550 canola contracts traded.