By Glen Hallick, MarketsFarm
WINNIPEG, April 5 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed on Tuesday morning, with gains in the new crop contracts.
Yesterday, a number of canola contracts reached new highs as chart-based buying contributed to the increases. However, the Canadian oilseed was becoming overpriced.
Support for it this morning was coming from increases in the Chicago soy complex, Malaysian palm oil and European rapeseed. They were getting spillover from a moderate upswing in global crude oil prices.
Edible oils were also receiving support from a shortage of sunflower oil, due to the war in Ukraine.
The Canadian dollar was stronger on Tuesday morning with the loonie at 80.52 U.S. cents compared to Monday’s close of 80.06.
About 2,750 canola contracts had traded as of 8:33 CDT.
Prices in Canadian dollars per metric tonne at 8:33 CDT:
Price Change
Canola May 1,170.00 unchanged
Jul 1,133.70 dn 1.20
Nov 1,005.90 up 3.60
Jan 1,003.90 up 2.00
