By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were stronger on Tuesday morning, bouncing back from yesterday’s sharp losses.
Crude oil was stronger following another round of missile and drone attacks in the Middle East. The United States Embassy in Baghdad and oil production facilities in the United Arab Emirates were among the targets.
The spillover pushed up Chicago soybeans and soyoil as well as MATIF rapeseed. However, Malaysian palm oil and Chicago soymeal were to the downside.
Read Also
ICE Midday: Canola, crude oil rebounding
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were solidly in the green on Tuesday, recovering much of Monday’s…
While higher canola prices could induce more farmer selling, they might discourage foreign buyers. After a record large harvest in the fall, the Canadian oilseed needs its lagging exports to pick up the pace.
The May canola contract remained well above its major moving averages.
Monday’s declines saw canola crush margins step back, with the May position losing about C$15 at around C$280 per tonne above the futures.
The Canadian dollar was lower on Tuesday morning, with the loonie at 73.01 U.S. cents compared to Monday’s close of 73.13.
Approximately 32,540 contracts had been traded by 8:36 CDT and prices in Canadian dollars per metric tonne were:
Price Change
Canola May 724.10 up 21.50
Jul 733.90 up 22.10
Nov 719.90 up 21.20
Jan 723.80 up 20.20
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/.
Stay informed with our daily market videos. Each video quickly covers key futures moves, price trends, and market signals that matter to Canadian farmers. Get clear, timely insights in just a few minutes. Bookmark https://www.producer.com/markets-futures-prices/videos.
