By Glen Hallick, MarketsFarm
WINNIPEG, July 21 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were lower on Tuesday morning, as the Canadian dollar rose above 74.0 United States cents.
The loonie was at 74.30 U.S. cents, compared to Monday’s close of 73.84. The half-cent increase was due to stronger crude oil prices and a slip for the greenback in the U.S. Dollar Index.
There was also some weakness in the Chicago soy complex, as well as European rapeseed. Higher Malaysian palm oil provided support.
Rain is forecast for northern Alberta for the next few days, adding to already wet conditions that have produced low crop ratings.
About 5,900 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Price Change
Canola Nov 483.50 dn 1.90
Jan 490.40 dn 1.80
Mar 495.00 dn 2.30
May 497.10 dn 2.90
