By Glen Hallick, MarketsFarm
WINNIPEG, March 8 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures continued higher on Tuesday morning, with the largest increases coming in the old crop months. In turn, that pushed the nearby May contract and others to new highs.
Support for canola was coming from more upswings in the Chicago soy complex and European rapeseed. Malaysian palm oil turned lower which weighed on values.
Due to the Russian invasion of Ukraine, global crude oil prices remained on their upward trajectory, which spilled over into edible oils.
Tight supplies and uncertainty surrounding the spring melt also propped up canola, but there are ideas that the market is looking overbought.
The Canadian dollar was lower on Tuesday morning with the loonie at 77.97 U.S. cents, compared to Monday’s close of 78.29.
About 6,750 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric tonne at 8:35 CST:
Price Change
Canola May 1,114.40 up 17.40
Jul 1,081.70 up 12.00
Nov 908.40 up 5.80
Jan 905.40 up 4.40
