WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were in positive territory in the middle of Tuesday trading despite weakness in most comparable oils.
Chicago soyoil and Malaysian palm oil were down, while European rapeseed was higher. Crude oil declined slightly after the United States rolled back sanctions against Iranian oil on Monday.
An analyst said canola and soybeans were on the rise due to corrections in both markets. The analyst said canola in particular, "sold off hard" recently and was "regaining some traction." Saskatchewan and Manitoba will see cooler-than-normal temperatures, rainfall and chances of thunderstorms Tuesday. While northern Alberta will see rain and temperatures nearing 30 degrees Celsius, southern Alberta will see sun and normal temperatures.
The Canadian dollar was down more than one-tenth of a U.S. cent compared to Monday's close.
About 30,700 canola contracts have traded at 10:26 CDT. Prices in Canadian dollars per metric tonne:
