ICE Canada Morning Comment: Canola stepping back
Declines in soy pulling canola down
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were lower on Wednesday morning, following the Chicago soy complex to the downside.
There were also losses in European rapeseed, but Malaysian palm oil nudged upward. Declines in crude oil weighed on vegetable oil values.
Despite the pull back in canola this morning, the March contract held above its major moving averages.
Tightening supplies continued to underpin the oilseed, tempering its losses. However, uncertainty over tariffs next month kept some caution in the market.
The Canadian dollar pushed higher on Wednesday morning, with the loonie rising to 70.05 U.S. cents compared to Tuesday’s close of 69.71.
Approximately 5,950 contracts were traded by 8:35 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 643.50 dn 3.70 May 651.10 dn 3.40 Jul 655.70 dn 3.40 Nov 640.60 dn 2.40
