By Glen Hallick, MarketsFarm
WINNIPEG, April 6 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Tuesday morning, due to gains in comparable edible oils.
There were strong increases in the Chicago soy complex, while Malaysian palm oil and European rapeseed had small to moderate gains.
Tight old crop supplies continued to underpin canola values. However, the prospect of additional canola acres planted this spring tempered further gains.
The Canadian dollar was lower with loonie at 79.63 U.S. cents, compared to Monday’s close of 79.84.
About 5,100 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Canola May 775.30 up 7.70
Jul 732.50 up 6.30
Nov 624.70 up 2.60
Jan 625.60 up 1.80