By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures continued upward on Tuesday morning, as a trader pointed to a lack of farmer selling of the oilseed.
“In most years they’re selling canola to pay the bills. This isn’t one of them,” the trader said. “They’re selling wheat and they got a lot of it to sell.”
“They’re hoping China gets into the market sooner rather than later,” he added.
The trader said the strong increases in Chicago soyoil and Malaysian palm oil were providing more support. However, he said the Canadian oilseed has largely been firm over the last month or two while the other two vegetable oils have moved more dramatically.
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Meanwhile, MATIF rapeseed and Chicago soybeans were slightly higher, but there were losses in Chicago soymeal. Crude oil was relatively steady, providing little direction to the vegetable oils.
The Canadian dollar was higher at mid-session Tuesday, with the loonie at 71.41 U.S. cents, compared to Monday’s close of 71.25.
Approximately 29,450 canola contracts were traded as of 10:38 am CST, with prices in Canadian dollars per metric tonne:
Canola Jan 656.90 up 1.70
Mar 669.30 up 2.60
May 679.40 up 4.10
Jul 684.50 up 4.40
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
