ICE Canada Morning Comment: Canola adding more increases

By Glen Hallick

Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures moved higher on Tuesday morning, building on gains from Monday. This follows the one-month delay to the United States and Canada imposing tariffs on each other.

Meanwhile, canola defied pressure from sharp declines in Chicago soyoil and more modest losses in soybeans and Malaysian palm oil. European rapeseed was steady to higher. Crude oil prices pulled back with the U.S. and China implementing tariffs on each other.

Canola found additional support in climbing above its major moving averages.

Canola crush margins were higher as the March position exceeded C$167 per tonne above the futures.

The Canadian dollar jumped on Tuesday morning, with the loonie rising to 69.53 U.S. cents compared to Monday’s close of 68.48.

Approximately 15,050 contracts were traded by 8:38 CST and prices in Canadian dollars per metric tonne were:

                          Price      Change

Canola            Mar     645.90     up  5.40

                  May     652.90     up  5.30

                  Jul     658.40     up  4.80

                  Nov     644.60     up  2.10