By Glen Hallick, MarketsFarm
WINNIPEG, March 21 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Tuesday morning, as the oilseed seeks to end its stretch of losses.
Support came from gains in Chicago soybeans and soymeal, but soyoil is narrowly mixed. European rapeseed was mixed as well and Malaysian palm oil was relatively steady. Modest upticks in global crude oil prices were lending support to vegetable oils.
Crush margins continued to expand towards record levels, further underpinning canola values.
There’s concern that the Prairies, already faced with insufficient snow cover and still very much on the dry side, will likely receive less than normal precipitation ahead of spring planting.
The Canadian dollar was slightly higher with the loonie at 73.20 U.S. cents compared to Monday’s close of 73.13.
About 8,850 contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change Canola May 743.40 up 4.80 Jul 733.70 up 3.40 Nov 711.40 up 2.70 Jan 714.80 up 2.00
