By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 23 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were moving lower at midday Tuesday, despite ample spillover from comparable oils.
The Chicago soy complex was on the upswing and there were more moderate increases in the off session of Malaysian palm oil, as well as European rapeseed. Sharp upticks in global crude oil prices were supportive of vegetable oils.
The Prairies are forecast to receive scattered showers today, with any further precipitation to hold off for the rest of the week.
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Agriculture and Agri-Food Canada (AAFC) released its monthly supply and demand report late yesterday afternoon, with the department sticking to last month’s production projection of 18.4 million tonnes of canola. That could change come Monday when Statistics Canada will issue its latest production report.
The Canadian dollar was stronger as the United States dollar has turnaround to fall back. The loonie has jumped to 77.29 U.S. cents, compared to Monday’s close of 76.72.
Approximately 16,650 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola Nov 846.50 dn 0.30
Jan 854.30 dn 1.00
Mar 857.40 dn 1.80
May 857.50 dn 2.90
