By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 31 (MarketsFarm) – The ICE Futures canola market narrowly mixed Tuesday morning, finding some support from Chicago Board of Trade soyoil as activity resumed in the United States markets after the Memorial Day holiday.
European rapeseed futures were also up in overnight activity, with strength in crude oil supportive for the world vegetable oil markets. However, Malaysian palm oil moved lower, while recent strength in the Canadian dollar weighed on values.
Uncertainty over Canadian production kept some caution in the market, as persistent rains in the eastern Prairies continue to delay seeding in the region. Meanwhile, crops in the western growing regions could use some more moisture.
About 3,500 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Canola Jul 1,188.30 up 2.10
Nov 1,072.30 dn 1.10
Jan 1,077.10 dn 0.20
Mar 1,076.00 up 1.00
