By Glen Hallick, MarketsFarm
WINNIPEG, March 16 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were pulling back at midday Tuesday, due to declines in comparable edible oils.
However, during the overnight trade the May contract hit a new high of C$810.90 before turning lower.
A Winnipeg-based trader noted there was a good amount of commercial activity on Tuesday.
Also, he said weather concerns were playing something of a factor with precipitation in the United States, wet and dry conditions in South America, and dryness across much of the Canadian Prairies.
The Canadian dollar pushed a little higher with the loonie at 80.28 U.S. cents compared to Monday’s close of 80.13.
Tight supplies continued to underpin canola values, helping to stymie further losses.
Approximately 25,300 canola contracts were traded as of 10:31 CDT.
Prices in Canadian dollars per metric tonne at 10:31 CDT:
Price Change
Canola May 802.60 dn 0.30
Jul 748.10 dn 2.20
Nov 631.80 dn 0.80
Jan 631.70 dn 3.00
