By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures continued to rise Tuesday morning.
Slight declines in the Chicago soy complex and larger losses in European rapeseed weighed on values, but a little bit of support came from upticks in Malaysian palm oil. Global crude oil prices were slightly lower, which added to the pressure on the oilseeds.
After Monday’s sharp gains, the July canola contract was a little above its 20-day and 100-day moving averages, which underpinned values.
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Canola crush margins lost ground, with the old crop positions between C$146 to C$153 per tonne above the futures, while the new crop November positions retreated to C$135 to C$140.
Most of the Prairies are expected to have temperatures in the mid to high teens Celsius on Tuesday, however southern Manitoba is to be cooler.
The Canadian dollar was slightly higher on Tuesday morning, with the loonie at 73.00 U.S. cents compared to Monday’s close of 72.91.
Approximately 20,600 contracts had traded by 8:40 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola May 631.70 up 4.80 Jul 643.50 up 2.90 Nov 655.10 up 0.80 Jan 663.50 up 0.60
