By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures stepped back Tuesday morning, pressured lower by losses in Chicago soyoil and Malaysian palm oil.
The declines were tempered by gains in Chicago soybeans and MATIF rapeseed. Spillover from increases in crude oil underpinned the vegetable oils.
The most-traded January contract slipped below its 20-day moving average.
Canola crush margins climbed higher, with the November position up by nearly C$6 at more than C$218 per tonne above the futures.
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There has been little news from tariff talks between Canada and China. The latter said it would remove its duties on imports of Canadian canola if Canada eliminated its surcharge on imports of Chinese-made electric vehicles.
Prairie temperatures are expected to rise during the week, pushing into the mid teens up to 20 degrees Celsius by the weekend, with no rain for the region.
The Canadian dollar was virtually unchanged on Tuesday morning, with the loonie at 71.26 U.S. cents.
Approximately 11,700 contracts were traded by 8:36 CDT and prices in Canadian dollars per metric tonne were:
Price Change
Canola Nov 608.50 dn 6.90
Jan 623.30 dn 6.70
Mar 635.10 dn 6.20
May 645.50 dn 5.70
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
