By Glen Hallick, MarketsFarm

WINNIPEG, April 7 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to higher Tuesday morning, getting support from Chicago soyoil as well as European rapeseed and Malaysian palm oil.

An attaché report from the United States Department of Agriculture (USDA) said Canadian canola production will largely hold steady in 2020/21. Another report said canola production in Australia is expected to increase by 800,000 tonnes due to improved weather and soil conditions. The USDA’s official production forecasts for these countries will be included in Thursday’s supply and demand report.

The Canadian dollar was higher this morning at 71.55 U.S. cents, compared to Monday’s close of 70.79.

About 3,800 canola contracts had traded as of 8:47 CDT.

Prices in Canadian dollars per metric ton at 8:47 CDT:

Price Change
Canola May 464.80 up 2.20
Jul 471.70 up 1.20
Nov 479.00 up 0.60
Jan 484.50 up 0.40