WINNIPEG – Intercontinental Exchange canola futures were mostly lower on Tuesday morning in light activity with the losses in the front months.
Support for canola came from increases in Chicago soybeans and soymeal, as well as Malaysian palm oil. Declines in Chicago soyoil and European rapeseed weighed on values. Losses in global crude oil prices put pressure on the vegetable oils.
Strong crush margins continued to underpin canola values.
The deal to officially end the strike by 360 St. Lawrence Seaway workers was ratified by them. The workers returned to their jobs on Oct. 29.
Renewed strength in the United States dollar saw the Canadian dollar fall below 73 U.S. cents on Tuesday morning. The loonie dropped to 72.70 U.S. cents compared to Monday’s close of 73.12.
About 3,800 contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric tonne at 8:36 CST:
Price Change Canola Jan 701.60 dn 0.90 Mar 709.70 dn 0.10 May 714.60 unchanged Jul 719.90 up 0.80
