By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 25 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were lower on Tuesday morning.
Losses in European rapeseed put pressure on canola, while support came from gains in Malaysian palm oil and slight upticks in the Chicago soy complex. There were small increases in global crude oil prices, which spilled over into vegetable oils.
The Prairie canola harvest has virtually wrapped up for the year, with seasonal pressure believed to be subsiding. Also of note, large parts of Alberta and Saskatchewan remain in drought.
As the end of October approaches, the rolling out of the November canola contract into January were a feature. Meanwhile, historically wide crush margins continued to underpin canola values.
As the United States dollar weakened, the Canadian dollar gained strength on Tuesday morning. The loonie climbed to 73.13 U.S. cents compared to Monday’s close of 72.88.
About 6,200 contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Price Change
Canola Nov 889.70 dn 3.10
Jan 876.40 dn 4.80
Mar 881.60 dn 5.20
May 884.40 dn 7.00
