By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 28 (MarketsFarm) – The ICE Futures canola market was mostly higher Tuesday morning, seeing a modest recovery after Monday’s losses.
European rapeseed and Malaysian palm oil futures were both stronger overnight, providing some spillover support for canola. However, Chicago Board of Trade soyoil slightly lower.
The smaller Canadian crop and need to ration demand remained a supportive influence for canola, although those concerns have been priced into the futures for some time now.
The Canadian dollar was slightly weaker in early trade, dipping back below 79 U.S. cents.
About 5,400 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Price Change
Canola Nov 890.00 up 6.40
Jan 879.30 up 3.60
Mar 868.60 up 1.40
May 850.50 unchanged
