By Glen Hallick, MarketsFarm
WINNIPEG, March 22 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were continuing to climb higher on Tuesday morning.
Support came from gains in Chicago soybeans and soyoil, while declines in soymeal were slight. As well, there were upswings in Malaysian palm oil and European rapeseed. Small increases in global crude oil prices provided some spillover for edible oils.
Canadian Pacific Railway and the Teamsters Canada Rail Conference agreed to binding arbitration, and will see the union’s 3,000 members return to work today at noon local times. Outstanding issues still to be resolved include wages and pensions. CP brought its rail service throughout Canada to a halt on Sunday, locking out the TCRC’s members, who then declared they were on strike.
The Canadian dollar was slightly higher on Tuesday morning with the loonie at 79.47 U.S. cents, compared to Monday’s close of 79.41.
About 3,450 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola May 1,136.50 up 11.10
Jul 1,111.50 up 11.70
Nov 951.00 up 10.30
Jan 951.50 up 10.50
