ICE Canada Morning Comment: Palm oil, rapeseed pull down canola
Concerns about Trump presidency loom over markets
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were lower on Tuesday morning, due to sharp declines in Malaysian palm oil and more moderate losses in European rapeseed.
However, gains in Chicago soybeans and soyoil tempered further declines. Crude oil was slightly higher, lending some support to the vegetable oils.
There are concerns in the trade regarding the outcome in today’s election in the United States, as a Trump presidency would likely spark a round of tariff hikes in 2025.
Also, there’s been speculation that China could announce some sort of punitive measure against Canadian canola this week, as Chinese authorities continue their investigation into alleged canola dumping by Canada.
The Canadian dollar was on the rise Tuesday morning with the loonie at 72.13 U.S. cents compared to Monday’s close of 71.97.
Approximately 8,550 contracts were traded by 8:40 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Jan 640.70 dn 4.30 Mar 652.00 dn 4.20 May 659.20 dn 5.20 Jul 664.00 dn 4.20
