By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were attempting to hang on to their gains Tuesday morning, amid pressure from comparable oils.
While support for canola came from upticks in European rapeseed and Malaysian palm oil, a slip in the Chicago soy complex limited the increases. Modest declines in global crude oil prices also capped any gains.
Declines in canola/rapeseed production in Australia, India and the European Union underpinned ICE canola futures.
Canola crush margins eased back with the May and July positions between C$167 to C$170 per tonne above the futures.
Statistics Canada is scheduled to publish its survey-based planting intentions report on Mar. 11.
The Canadian dollar was virtually unchanged on Tuesday morning, with the loonie at 73.66 U.S. cents.
Approximately 7,700 contracts had traded by 8:37 CST and prices in Canadian dollars per metric tonne were:
Price Change
Canola May 596.80 up 0.80 Jul 604.70 up 0.70 Nov 611.80 up 0.50 Jan 617.00 up 0.10
