By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange eased back on Tuesday morning due to a lack of support from other vegetable oils.
Chicago soyoil was relatively steady and Malaysian palm oil was lower. Upticks in MATIF rapeseed tempered the declines in canola. Modest increases in crude oil underpinned the veg oils.
The May canola contract not only remained above its resistance level it continued to exceed its major moving averages.
Canola crush margins edged up with the May position at around C$246 per tonne above the futures.
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Export sales to China will bolster canola prices, but there are still large supplies from the record harvest.
The Canadian dollar was lower on Tuesday morning, with the loonie at 72.86 U.S. cents compared to Monday’s close of 73.05.
Approximately 19,750 contracts had traded by 8:37 CST and prices in Canadian dollars per metric tonne were:
Price Change
Canola Mar 675.80 dn 1.10
May 688.00 dn 1.00
Jul 698.60 dn 1.00
Nov 690.90 dn 0.90
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