ICE Canada Morning Comment : Canola Gaining Traction

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were higher on Tuesday morning, after making a turnaround during the overnight session.

There were gains in the Chicago soyoil, Malaysian palm oil, and most European rapeseed contracts that spilled over into canola.

However, Chicago soybeans were narrowly mixed while soymeal turned lower. Crude oil was backtracking, which put pressure on the vegetable oils.

The November contract remained below its major moving averages, which weighed on its values.

Canola crush margins stepped back further, with the November positions slipping to C$134 to C$139 per tonne above the futures.

Prairie temperatures are expected to be moderate today with chances of scattered thunderstorms across the region.

The Canadian dollar moved lower on Tuesday morning, with the loonie at 72.97 U.S. cents compared to Monday's close of 73.19.

Approximately 9,250 contracts had traded by 9:37 EDT and prices in Canadian dollars per metric tonne were:

 
 Canola 
        Price   Change 
  Nov   619.00  up 3.50 
  Jan   627.10  up 2.80 
  Mar   633.60  up 2.90 
  May   638.70  up 2.60 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

07-16-24 1002ET