By Glen Hallick, MarketsFarm
WINNIPEG, July 18 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures saw gains in the front months on Tuesday morning, with the lightly traded deferred positions steady to lower.
Support for canola came from increases in Chicago soybeans and soymeal, while soyoil was relatively steady. European rapeseed was steady to higher while Malaysian palm oil fell back. Global crude oil prices were virtually unchanged, providing little direction to vegetable oils.
Dry conditions continued to prevail across the Prairies, with the region growing in need of significant rainfall.
The Canadian dollar was lower on Tuesday morning, with the loonie at 75.56 U.S. cents compared to Monday’s close of 75.83.
About 5,250 contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric tonne at 8:34 CDT:
Price Change Canola Nov 835.80 up 6.00 Jan 826.00 up 5.20 Mar 813.70 up 3.60 May 799.50 dn 0.30
