Published: 6 hours ago
By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were slightly higher by mid-session Tuesday, in an attempt to remain above its support levels, an analyst said.
The analyst said canola, unlike crude oil and Chicago soyoil, doesn’t have a lot of room to fall back before hitting support levels. He placed support for the May canola contract at C$700 per tonne.
As crude oil incurred losses of US$3 to US$5 per barrel, soyoil fell back by about four-tenths of a cent. There were also losses in Malaysian palm oil and MATIF rapeseed. Chicago soybeans were mixed and soymeal tacked on small gains.
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The analyst added that a seasonal tendency was influencing canola as well, with upswings quite common prior to spring seeding.
The Canadian dollar was stronger late Tuesday morning with the loonie at 72.69 U.S. cents, compared to Monday’s close of 72.40.
Approximately 42,550 canola contracts were traded as of 10:42 a.m. CDT, with prices in Canadian dollars per metric tonne:
Canola May 706.60 up 1.30
Jul 719.00 up 1.60
Nov 719.80 up 2.00
Jan 727.20 up 1.80
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/.
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