By Marlo Glass, MarketsFarm
WINNIPEG, Dec. 24 (MarketsFarm) – The ICE Futures canola market was stronger on Tuesday, as prices remained locked in a consolidation pattern.
A lower tone for soybeans on the Chicago Board of Trade kept pressure on canola values. One private company estimated Brazil’s soybean production to total 123 million tonnes, and Argentina’s soybeans to be around 52 million tonnes.
The Canadian dollar was slightly lower, providing some support for canola prices. The dollar was just under 76 U.S. cents on Tuesday morning.
ICE will be closed at 12:00 CST for Christmas Eve and will reopen on December 27.
About 4,700 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric ton at 8:35 CST:
Price Change
Canola Jan 468.60 up 1.10
Mar 477.80 up 0.70
May 486.80 up 0.70
Jul 492.90 up 1.00
