By Glen Hallick, MarketsFarm
WINNIPEG, April 11 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midsession on Tuesday, in what a trader called a “corrective rebound.”
The trader noted that canola had been on the upswing recently and today’s activity was rectifying the situation. He added that there appears to be little upside to the Canadian oilseed as European rapeseed remains cheap and there’s a large canola harvest in Australia.
Upticks in the Chicago soy complex and Malaysian palm oil were tempering further declines in canola, Pressure was coming from losses in European rapeseed. Gains in global crude oil prices were lending support to the vegetable oils.
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Also, the upward swing in the soy complex can be attributed to trading prior to the release of the latest supply and demand estimates from the United States Department of Agriculture at 11 am CDT.
The Canadian dollar was pushing higher on Tuesday as the loonie rose to 74.20 U.S. cents, compared to Monday’s close of 73.93.
Approximately 20,450 canola contracts were traded as of 10:28 CDT.
Prices in Canadian dollars per metric tonne at 10:28 CDT:
Price Change Canola May 770.90 dn 3.00 Jul 747.40 dn 5.90 Nov 712.70 dn 7.80 Jan 714.30 dn 9.40
