ICE canola mostly unchanged on Tuesday

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By Marlo Glass, MarketsFarm
WINNIPEG, July 23 (MarketsFarm) – The ICE Futures canola market was mostly unchanged on Tuesday morning, remaining range-bound during a morning of light volumes.
Improving growing conditions across North America mean markets are slowly starting to lose their weather premiums. However, there are still dry areas in the Canadian Prairies, which has provided a floor for prices.
Expected canola production hovers between 18 and 19 million tonnes, revised downward from initial estimates. This production decline has somewhat offset uncertainty for demand as China continues to shun Canadian canola.
The Canadian dollar slipped slightly against its U.S. counterpart as of Tuesday morning, which provided support to values.
About 2,000 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola Nov 446.60 dn 0.40
Jan 453.60 dn 0.30
Mar 460.50 dn 0.40
May 466.30 dn 0.40

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