WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures saw declines continue in the old crop positions at midday Tuesday. Meanwhile, the sparsely traded new crop November was slightly higher.
A trader said there was some profit-taking going in canola as it remains expensive due to tight supplies.
There was spillover support from gains in the Chicago soy complex and Malaysian palm oil that were tempering further losses. Also, increases in global crude oil prices lent support to edible oils. However, losses in European rapeseed proved to be weightier on canola.
The trader noted the declines in forecasts for South American soybean production, but cautioned it was still a little early to be confident in any of the projections for Brazil and Argentina.
The Canadian dollar was higher, with the loonie at 79.29 U.S. cents, compared to Monday's close of 78.87.
Approximately 5,550 canola contracts were traded as of 11:20 EST.
Prices in Canadian dollars per metric ton at 11:20 EST:
Price Change
Canola Mar 1,026.50 dn 4.10
May 1,002.50 dn 4.40
Jul 954.50 dn 1.90
Nov 791.00 up 2.60
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-11-22 1151ET
