ICE Canada Morning Comment: New crop canola pulls back
Mixed support from comparable oils
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures turned mostly lower on Tuesday morning following the long weekend.
While there were gains in the old crop July contract, the new crop positions eased back.
Pressure on canola came from declines in Chicago soybeans and soyoil, while support was derived from gains in soymeal, Malaysian palm oil and most European rapeseed contracts.
Tight old crop supplies continued to influence the canola market as exports and domestic remained ahead of those last year.
As well, the July contract held above its major moving averages but dipped below its five-day average.
The Canadian dollar was higher on Tuesday morning, with the loonie at 71.77 U.S. cents, compared to Friday’s close of 71.54.
Approximately 8.050 contracts were traded by 8:40 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Jul 704.00 up 1.20 Nov 670.70 dn 3.00 Jan 678.50 dn 2.70 Mar 686.40 dn 1.70
