By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 2 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Tuesday morning, as conflicting outside influences pulled on values.
Gains in the Chicago Board of Trade soy complex provided spillover support on the one side, while Malaysian palm oil and European rapeseed futures were also firmer in overnight activity.
Chart signals were also somewhat supportive, as canola held above the session lows hit on Monday.
On the other side, continued strength in the Canadian dollar put some pressure on values. The currency has climbed sharply relative to its United States counterpart in recent days, which makes canola more expensive for international buyers and cuts into crush margins.
Weather conditions remain relatively favourable in Manitoba and Saskatchewan, although northern regions of Alberta continue to deal with excess moisture.
About 2,800 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Price Change
Canola Jul 457.30 up 0.20
Nov 465.70 dn 0.40
Jan 472.30 dn 0.30
Mar 478.60 up 0.50
