By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 29 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were steady to lower on Tuesday morning, due to a lack of direction in Chicago soyoil.
In other edible oils, European rapeseed was narrowly mixed and Malaysian palm oil was lower.
Losses could also be attributed to profit-taking as well as volatility in the market during the holidays.
The prospect of tight supplies tempered further declines in canola.
The Canadian dollar was slightly higher as its United States counterpart dropped below 90 points on the U.S. Dollar Index. The loonie was at 78.15 U.S. cents, compared to Thursday’s close of 77.91.
About 2,800 canola contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric tonne at 8:36 CST:
Price Change
Canola Jan 627.50 dn 3.40
Mar 627.30 dn 0.70
May 616.00 dn 0.10
Jul 600.80 dn 0.80
