By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were gaining positive traction on Tuesday morning, due to sharp increases in crude oil.
West Texas Intermediate was spiking on Tuesday, following United States attacks on Iran’s Kharg Island oil hub. At this point, the spillover was just finding its way in the vegetable oils.
The Chicago soy complex and Malaysian palm oil were slightly lower while MATIF rapeseed was narrowly mixed.
An analyst said the May canola contract is entrenched in a trading range of C$720 to C$740 per tonne.
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The May canola was a pinch higher than its 20-day moving average.
There were increases in the canola crush margins, with the May position adding almost C$14 at more than C$350 per tonne above the futures.
The Canadian dollar was virtually unchanged on Tuesday morning, with the loonie at 71.83 U.S. cents.
Approximately 12,950 contracts had been traded by 8:39 CDT and prices in Canadian dollars per metric tonne were:
Price Change
Canola May 727.70 up 1.10
Jul 740.70 up 1.20
Nov 734.60 up 1.90
Jan 739.50 up 0.60
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/.
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