By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were pulling back at mid-session Tuesday, as part of the broad pressure being felt in the oilseed complex. An analyst pointed out that canola was incurring the largest declines in terms of percentage.
While the analysts said today’s downturn is likely a correction, he noted if canola loses all of its increases from Monday, that could turn the market negative.
He added the market was also waiting on the prospective planting and quarterly stocks reports to be released by the United States Department of Agriculture on Thursday.
Pressure on canola was coming from declines in the Chicago soy complex, European rapeseed, and Malaysian palm oil. Slight decreases in global crude oil prices also weighed on oilseed values.
The Canadian dollar was a pinch higher late Tuesday morning with the loonie at 73.70 U.S. cents compared to Monday’s close of 73.62.
Approximately 18,750 canola contracts were traded as of 10:21 CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola May 641.50 dn 8.20 Jul 650.50 dn 8.90 Nov 657.90 dn 8.10 Jan 665.10 dn 8.30
