Glacier FarmMedia MarketsFarm – The ICE Futures canola market traded in negative territory on Tuesday despite receiving some support from comparable oils.
Chicago soyoil was up, while European rapeseed was steady to higher. Malaysian palm oil made gains in the nearby contracts. After rising higher on Monday, crude oil was slightly lower on Tuesday.
The Canadian dollar was down less than one-tenth of a United States cent compared to Monday’s close.
One analyst said despite support from oilseeds, charts were “super ugly” for canola, preventing any gains. The analyst also noticed that the spread between canola and European rapeseed was widening, which could create export demand for the former.
About 30,200 contracts have traded at 10:16 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Jul 625.10 dn 5.00
Nov 645.70 dn 6.60
Jan 652.00 dn 7.60
Mar 656.50 dn 8.20
