ICE Canada Morning Comment: Canola pulling back
Chicago soy, crude oil weigh on oilseed
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were lower on Tuesday morning, pressured by losses in comparable oils.
There were declines in Chicago soybeans and soyoil, but slight increases in soymeal. Malaysian palm oil was relatively steady while European rapeseed was mixed. Crude oil was slightly lower, adding more weight onto the vegetable oils.
The January canola contract slipped below its 20-day moving average, which added more pressure on the oilseed’s values.
Canola crush margins eased back with the January position at about C$120 per tonne above the futures.
The Canadian dollar was higher on Tuesday morning, with the loonie at 71.48 U.S. cents compared to Monday’s close of 71.21.
Approximately 7,550 contracts were traded by 8:43 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Jan 639.30 dn 8.90 Mar 652.40 dn 9.20 May 662.60 dn 8.30 Jul 666.30 dn 8.30
