WINNIPEG, Feb. 1 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were turning higher on Tuesday morning, after pulling back in the overnight session.
There were losses in Chicago soyoil and European rapeseed, as global crude oil took a step back to weigh on values. However, support was coming from gains in Chicago soybeans and soymeal. Also, tight supplies underpinned canola.
Malaysian palm oil was not being traded as the market was closed for the Lunar New Year.
The Canadian dollar was relatively steady on Tuesday morning, with the loonie at 78.68 U.S. cents, compared to Monday’s close of 78.62.
About 4,050 canola contracts had traded as of 8:42 CST.
Prices in Canadian dollars per metric tonne at 8:42 CST:
Price Change
Canola Mar 1,016.30 up 3.10
May 1,005.30 up 3.30
Jul 980.20 up 4.00
Nov 837.00 up 0.60
