ICE Canada Morning Comment: Canola pulls back
March contract remains above 200-day moving average
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were lower on Tuesday morning, continuing the losses from the overnight session.
Declines in the Chicago soy complex and Malaysian palm oil weighed on canola values while European rapeseed was mixed. Crude oil prices stepped back, putting pressure on the vegetable oils.
The March canola contract remained above several key technical levels, including its 200-day moving average.
Tightening supplies continued to underpin the Canadian oilseed’s values.
The Canadian dollar was slightly higher on Tuesday morning, with the loonie at 69.47 U.S. cents compared to Monday’s close of 69.39.
Approximately 8,800 contracts were traded by 8:37 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 643.70 dn 4.00 May 651.90 dn 3.70 Jul 657.20 dn 3.50 Nov 637.20 dn 2.60
