ICE Canola Midday: Oilseed holding firm
Support from most comparable oils
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were narrowly mixed late Tuesday morning, getting some support from comparable oils.
Increases in the Chicago soy complex and European rapeseed spilled over into the canola, while Malaysian palm oil was relatively steady. Upticks in crude oil added to the gains in the vegetable oils.
The May canola contract remained well above its major moving averages which generated more support.
The tightening canola supply situation continued to underpin the oilseed’s values, but ongoing tariff threats from the United States fueled caution in the markets.
The Canadian dollar was firm at mid-session Tuesday, with the loonie at 70.48 U.S. cents compared to Friday close of 70.43.
Approximately 29,550 canola contracts were traded as of 10:14 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 663.30 dn 0.20 May 674.70 up 0.20 Jul 680.00 up 0.60 Nov 655.70 up 2.00
