By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 23 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Tuesday morning, but attempting to recover from overnight declines.
Pressure came from losses in the Chicago soy complex, European rapeseed and Malaysian palm oil. This year’s lackluster Prairie harvest, price rationing and tight supplies tempered larger losses in canola.
Above normal temperatures and little precipitation across the region were fueling concerns about dry conditions.
With the United States markets set to be closed on Thursday for Thanksgiving, the trade is likely positioning ahead of the start of the holiday season. Canola futures will remain open that day.
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The Canadian dollar continued to fall back in the face of a stronger U.S. dollar, with the loonie at 78.63 U.S. cents compared to Monday’s close of 78.86.
About 3,350 canola contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric tonne at 8:40 CST:
Price Change
Canola Jan 1,018.60 dn 3.20
Mar 993.80 dn 3.80
May 959.90 dn 3.50
Jul 920.00 dn 2.60
