By Glen Hallick, MarketsFarm
WINNIPEG, July 7 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were slightly lower on Tuesday morning. Due to resistance, the November contract has eased away from its psychological ceiling of C$480 per tonne.
There’s weakness in Chicago soyoil, but strength in Malaysian palm oil. European rapeseed is up in the nearby contract, but it’s down in the new crop year months.
Issues with excessive moisture in several areas of the Prairies could intensify with rain forecast for parts of the region, particularly northern Alberta and Peace River.
The Canadian dollar was lower at 73.69 U.S. cents, compared to Monday’s close of 73.84.
About 3,300 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric tonne at 8:46 CDT:
Canola Nov 477.90 dn 0.80
Jan 484.20 dn 0.80
Mar 489.20 dn 0.60
May 493.10 dn 1.10