Intercontinental Exchange (ICE) canola futures were lower Tuesday morning, with the larger losses in the old crop months.

Pressure was coming from declines in the Chicago soy complex, which resumed trading overnight after the Martin Luther King holiday. Losses were caused by rains in Brazil and Argentina that have been helpful to their struggling soybean and corn crops.

There was support from gains in Malaysian palm oil and European rapeseed, although the latter's May contract was lower. Increases in global crude oil prices aided edible oils.

The storm system that brought snow to Alberta yesterday is forecast to continue across the eastern Prairies today, bringing 5 to 20 centimetres.

The Canadian dollar was virtually unchanged this morning, with the loonie at 79.85 U.S. cents, compared to Monday's close of 79.87.

About 5,050 canola contracts had traded as of 9:37 ET.

Prices in Canadian dollars per metric tonne at 9:37 ET:

Price Change

Canola 


Mar 969.50 dn 5.70 
May 957.00 dn 3.40 
Jul 928.10 dn 4.10 
Nov 793.20 dn 0.40

(END) Dow Jones Newswires

01-18-22 1006ET