By Glen Hallick, MarketsFarm
WINNIPEG, July 25 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were weaker on Tuesday morning as the market corrected following a series of gains.
Pressure on canola came from losses in Chicago soybeans and soyoil, along with those in Malaysian palm oil and most European rapeseed contracts. Chicago soymeal was slightly higher. Global crude oil prices eased back, placing a little more weight on the vegetable oils.
Thunderstorms dropped some much-needed rain across the eastern Prairies, with the chance of more precipitation during Tuesday. Another system in Alberta is to bring rain to the province’s northern growing areas.
The Canadian dollar was lower on Tuesday morning, as the loonie slipped to 75.72 U.S. cents compared to Monday’s close of 75.92.
About 10,350 contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric tonne at 8:34 CDT:
Price Change Canola Nov 813.00 dn 17.00 Jan 816.30 dn 15.30 Mar 817.20 dn 13.20 May 812.10 dn 10.40
