By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures climbed higher on Tuesday morning, in trying to add to Monday’s small gains.
Support for canola came from increases in Chicago soyoil, European rapeseed, and Malaysian palm oil. Modest upticks in global crude oil prices further underpinned vegetable oil values. Slight decreases in Chicago soybeans and soymeal attempted to stymie further gains in the Canadian oilseed.
Speculators remained content to keep their large net short position in canola hoping to see their profits increase.
Canola crush margins slipped back, with the old crop positions less than C$200 per tonne above the futures.
With the United States dollar on the rise, the Canadian dollar was lower on Tuesday morning. The loonie dropped to 73.87 U.S. cents compared to Monday’s close of 74.35.
Approximately 8,650 contracts had traded by 8:35 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 594.10 up 3.10 May 600.80 up 2.20 Jul 606.90 up 2.40 Nov 607.70 up 2.80
