By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 19 (MarketsFarm) – The ICE Futures canola market was slightly higher on Tuesday morning, remaining in a consolidation pattern on the price charts.
Canadian canola received support from Australia’s canola crop. The Australian Oilseed Federation has revised the Australian canola crop for 2019 at 1.9 million tonnes, down from original estimates of 2.4 million tonnes.
Employees at CN Rail have gone on strike, which could impact moving canola to export positions and put pressure on values.
A slightly stronger Canadian dollar kept a lid on prices. The dollar remained around 75.70 U.S. cents on Tuesday morning.
About 2,200 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Jan 465.60 up 2.10
Mar 474.10 up 1.90
May 482.20 up 1.80
Jul 489.20 up 1.90
