By Glen Hallick, MarketsFarm
WINNIPEG, April 4 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Tuesday morning due to a lack of support from most other vegetable oils.
There were losses in Chicago soybeans and soymeal, while soyoil was relatively steady. Also, European rapeseed was lower, but some support came from gains in Malaysian palm oil. Unlike Monday’s sharp upswing, global crude oil prices were moderately higher on Tuesday morning which provide some support to the veg oils.
The Canadian dollar was virtually unchanged on Tuesday morning with the loonie at 74.43 U.S. cents compared to Monday’s close of 74.42.
About 6,050 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change Canola May 774.60 dn 1.80 Jul 756.70 dn 3.10 Nov 726.40 dn 3.50 Jan 729.90 dn 3.10
