By Glen Hallick, MarketsFarm
WINNIPEG, August 13 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to higher Tuesday morning, as the Chicago soy complex recovers from yesterday’s losses.
The U.S. Department of Agriculture’s issued its monthly supply and demand report on Monday, which had a bearish effect on the Chicago Board of Trade, especially with corn and wheat. The soy complex incurred losses as well, but to a lesser extent.
The collateral damage from the USDA report didn’t have a large impact canola, but bids were still down at market close.
The overnights showed European rapeseed and Malaysian palm oil having picked up strength, which has tempered losses for canola this morning.
The Canadian dollar was lower Tuesday morning, with the loonie at 75.25 U.S. cents, and providing support.
About 2,900 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric ton at 8:37 CDT:
Canola Nov 452.60 up 0.20
Jan 461.40 up 0.30
Mar 468.80 up 0.30
May 475.10 up 0.50