By Glen Hallick, MarketsFarm
WINNIPEG, March 14 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midsession on Tuesday, being pulled down by declines in most comparable oils.
Soybeans and soymeal were to the downside at the Chicago Board of Trade but gains in soyoil helped to temper further decreases in canola. Meanwhile, losses in Malaysian palm oil and European rapeseed weighed on the Canadian oilseed. Vegetable oils were feeling some pressure from modest pull backs in global crude oil prices.
Although crush margins receded a little in recent days, they remain very wide which continues to underpin canola values.
Despite gains in the United States dollar and decreases in crude oil, the Canadian dollar was higher on Tuesday. The loonie climbed to 73.18 U.S. cents, compared to Monday’s close of 72.83.
Approximately 19,500 canola contracts were traded as of 10:25 CDT.
Prices in Canadian dollars per metric tonne at 10:25 CDT:
Price Change Canola May 760.00 dn 7.80 Jul 757.10 dn 8.10 Nov 737.60 dn 7.30 Jan 741.80 dn 7.60
