By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were on the rise Tuesday morning, along with comparable oils.
There were upticks in Chicago soybeans and soyoil, while soymeal eased back. Additional support for canola came from gains in European rapeseed and Malaysian palm oil. Higher global crude oil prices were lending support to vegetable oils.
The United States Department of Agriculture is scheduled to publish its monthly supply and demand estimates on Friday. The trade projected cuts to U.S. soybean ending stocks and Brazil soybean production, which would be supportive of canola.
Crush margins pushed upward, which underpinned canola’s values.
The Canadian dollar was a pinch lower on Tuesday morning with the loonie at 74.70 U.S. cents, compared to Monday’s close of 74.78.
Approximately 11,000 contracts had traded by 8:35 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 623.00 up 6.60 May 630.10 up 5.90 Jul 635.80 up 5.40 Nov 634.30 up 4.40
