WINNIPEG, Manitoba-- Intercontinental Exchange canola futures saw gains in the front months on Tuesday morning, with the lightly traded deferred positions steady to lower.

Support for canola came from increases in Chicago soybeans and soymeal, while soyoil was relatively steady. European rapeseed was steady to higher while Malaysian palm oil fell back. Global crude oil prices were virtually unchanged, providing little direction to vegetable oils.

Dry conditions continued to prevail across much the Prairies, with the region in growing need of significant rainfall.

The Canadian dollar was lower on Tuesday morning, with the loonie at 75.56 U.S. cents compared to Monday's close of 75.83.

About 5,250 contracts had traded as of 9:34 EDT.

Canola prices in Canadian dollars per metric ton at 9:34 EDT: 


 
    Price                Change 
    Nov 835.80           up 6.00 
    Jan 826.00           up 5.20 
    Mar 813.70           up 3.60 
    May 799.50           dn 0.30

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

07-18-23 1004ET