ICE Canola Midday: Prices continue pulling back
Scattered showers in Prairie forecast
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures remained on the downside at midsession Tuesday, due to declines in other vegetable oils, according to an analyst.
There were losses in the Chicago soy complex and European rapeseed, while Malaysian palm oil was mixed. Crude oil was down slightly in choppy trading, putting some pressure on the veg oils.
Additional pressure on canola came from its November contract being mired below its major moving averages.
The analyst said the Canadian Prairies are to get scattered showers for most of this week, with daytime highs from the low 20’s to low 30 degrees Celsius.
The Canadian dollar was slightly higher by late Tuesday morning, with the loonie at 73.34 U.S. cents compared to Monday’s close of 73.25.
Approximately 27,000 canola contracts were traded as of 10:27 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 567.40 dn 6.10 Jan 578.80 dn 5.00 Mar 587.50 dn 4.40 May 593.60 dn 3.80
