By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 31 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher at midsession on Tuesday, in a show of independent strength according to a trader. The only loss was in the new crop November contract.
Trading was very choppy among the markets, with factors such as the war in Ukraine and Argentina’s need for more rain creating nervousness, he added.
Chicago soybeans had been on the rise earlier this morning but have since turned mixed. Chicago soymeal was down, while there were gains in soyoil. European rapeseed was steady to lower and losses in Malaysian palm oil contributed more pressure. Global crude oil prices were mixed, which didn’t provide a clear direction for vegetable oils.
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The Canadian dollar was slightly higher on Tuesday as the United States dollar pulled back a little. The loonie bumped up to 74.99 U.S. cents, compared to Monday’s close of 74.87.
Approximately 19,950 canola contracts were traded as of 10:27 CST.
Prices in Canadian dollars per metric tonne at 10:27 CST:
Price Change Canola Mar 830.50 up 2.60 May 830.30 up 3.50 Jul 831.30 up 2.60 Nov 807.10 dn 1.70
