By Glen Hallick, MarketsFarm
WINNIPEG, March 9 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Tuesday morning, getting support from comparable edible oils.
Chicago continued to make strong gains, while European rapeseed and Malaysian palm oil were higher except in their respective front months.
Tight supplies remained the catalyst in underpinning canola values.
With expectations of further reductions to soybean and corn ending stocks in today’s supply and demand report from the United States Department of Agriculture, any bullish effect could spill over into canola. The report is scheduled to be released at 11 am Central.
The Canadian dollar was higher on Tuesday morning, with the loonie at 79.23 U.S. cents, compared to Monday’s close of 78.99.
About 7,900 canola contracts had traded as of 8:37 CST.
Prices in Canadian dollars per metric tonne at 8:37 CST:
Price Change
Canola May 799.40 up 3.30
Jul 758.00 up 2.40
Nov 625.30 up 3.10
Jan 627.90 up 2.60
