By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 24 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower Tuesday morning, with the larger declines in the new crop months.
There was weakness in Chicago soyoil, while gains in Chicago soybeans and soymeal, plus European rapeseed helped to temper further losses in canola. The Malaysian palm oil market is closed for the Lunar New Year. Global crude oil prices were relatively steady, providing little direction to vegetable oils.
The Canadian dollar was virtually unchanged on Tuesday morning, with the loonie at 74.71 U.S. cents compared to Monday’s close of 74.73.
About 6,300 contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric tonne at 8:36 CST:
Price Change Canola Mar 804.70 dn 2.00 May 804.50 dn 1.90 Jul 804.50 dn 3.80 Nov 787.40 dn 4.80
