ICE Canada Morning Comment: Canola pulls back from contract highs

By Glen Hallick, MarketsFarm

WINNIPEG, Nov. 24 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Tuesday morning, stepping away from yesterday’s contract highs.

Weakness in the Chicago soy complex and European rapeseed contributed to the declines in canola, but gains in Malaysian palm oil helped to stem further losses.

Continuing dry conditions in parts of Brazil and Argentina remain supportive of North American oilseed prices.

The Canadian dollar was firm at 76.46 U.S. cents, compared to Monday’s close of 76.44.

About 9,500 canola contracts had traded as of 8:45 CST.

Prices in Canadian dollars per metric tonne at 8:45 CST:

Price Change
Canola Jan 580.50 dn 3.60
Mar 575.20 dn 4.80
May 571.80 dn 5.00
Jul 565.40 dn 5.30

Futures Prices as of November 24, 2020

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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