By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 3 (MarketsFarm) – Intercontinental Exchange canola futures were higher on Tuesday morning, as trading attempted to catch up with yesterday’s movements. On Monday, the canola market was closed to mark the National Day for Truth and Reconciliation.
In trading so far today, there was a lack of support for canola coming from comparable oils. The Chicago soy complex was lower and European rapeseed was mixed, while the Malaysian palm oil market is closed for a holiday. Global crude oil prices were slightly lower, putting some pressure on the vegetable oils.
The Prairies were experiencing rain east of Regina and dry conditions to the west. Temperatures were forecast to moderate into the teens Celsius.
In the face of a stronger United States dollar, the Canadian dollar was weaker on Tuesday morning. The loonie slid to 73.08 U.S. cents compared to Friday’s close of 73.96.
About 16,200 contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric tonne at 8:34 CDT:
Price Change Canola Nov 716.80 up 9.80 Jan 723.90 up 7.90 Mar 730.00 up 6.70 May 731.00 up 4.30
