By Glen Hallick, MarketsFarm
WINNIPEG, March 17 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher Tuesday morning, with strength was coming from improved Chicago soyoil and European rapeseed values.
A weaker Canadian dollar was also supportive. The loonie was at 70.79 U.S. cents, compared to Monday’s close of 71.61.
However, the COVID-19 global pandemic, which has been driving down all markets, remains a looming threat to any gains.
Also, lower Malaysian palm oil prices and a massive South American soybean harvest weighed on values.
About 5,400 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric ton at 8:41 CDT:
Price Change
Canola May 451.40 up 3.40
Jul 457.40 up 2.20
Nov 463.20 up 1.20
Jan 470.50 up 1.50
