By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were higher at midsession Tuesday, recovering with support from comparable oils.
Increases in the Chicago soy complex spilled over into canola, as did gains in European rapeseed. Malaysian palm oil was back trading with prices steady to higher. Modest upticks in crude oil were lending support to the oilseeds.
An analyst said the prospects for large crops across the Prairies should get stronger as temperatures eventually begin to climb upward.
Canola crush margins receded a little with the November positions slipping to C$138 to C$143 per tonne above the futures.
The Canadian dollar bumped up late Tuesday morning with the loonie at 72.88 U.S. cents compared to Monday’s close of 72.76.
With the Juneteenth holiday in the United States, markets there will be closed on Wednesday.
Approximately 35,950 canola contracts were traded as of 10:31 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Jul 610.60 up 5.30 Nov 626.80 up 2.50 Jan 633.00 up 2.70 Mar 636.00 up 2.60
