By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were on the rise late Tuesday morning, being underpinned by support from comparable oils, said a broker.
The broker pointed to the increases in Chicago soyoil in particular, which was up by about 7/10ths of a U.S. cent per pound. He added that the gains in canola were trying to encourage some farmer selling.
There were also gains in European rapeseed and Chicago soybeans but declines in Malaysian palm oil and Chicago soymeal. Crude oil dipped a little, putting some pressure on the vegetable oils.
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Glacier FarmMedia | MarketsFarm – The Canadian dollar gained strength on Tuesday, closing at its highest level in 18 days. The loonie…
Additional support for canola came from ongoing concerns of increased dryness across the Prairies if rain fails to fall soon. Otherwise, the crop remained in relatively good shape overall.
The Canadian dollar fell back at mid-session Tuesday, with the loonie sliding to 72.86 U.S. cents compared to Monday’s close of 73.03.
Approximately 12,000 canola contracts were traded as of 10:23 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 689.70 up 7.10 Jan 698.00 up 7.10 Mar 704.60 up 7.20 May 708.80 up 5.70
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
