By Glen Hallick, MarketsFarm
WINNIPEG, May 3 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Tuesday morning, although the losses were not as severe as those yesterday.
Global crude oil prices were to the downside, which put pressure on edible oils. European rapeseed was steady to lower, while the Malaysian palm oil market remained closed for a holiday. There’s support coming from moderate increases in the Chicago soy complex.
Spring planting continued in the western Prairies. Alberta is scheduled to release its first crop report of 2022 on Friday. Seeding on parts of the eastern Prairies is delayed due to wet conditions, especially in Manitoba.
Also on Friday, Statistics Canada will release its report on grain stocks as of March 31.
The Canadian dollar was higher on Tuesday morning with the loonie at 77.80 U.S. cents, compared to Monday’s close of 77.55.
About 4,750 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Jul 1,135.30 dn 8.50
Nov 1,052.60 dn 11.40
Jan 1,056.00 dn 11.50
Mar 1,053.00 dn 12.40
