By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were higher in choppy trading at mid-session Tuesday, but a trader cautioned there was little to support the oilseed.
“The overall environment remains soft. There are no solid signs that we found a low yet,” a trader commented, noting canola was “pretty much in line with product values.”
“The spec traders seem to be willing to press these markets lower when they get the opportunities,” he added.
Canola was getting support from gains in Chicago soybeans and soymeal, while soyoil was still somewhat lower but recovering. Pressure on the Canadian oilseed came from sharp declines in Malaysian palm oil and more modest losses in European rapeseed. Global crude oil prices were slightly higher, which underpinned the vegetable oils.
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The trader said the large South American soybean crop will keep canola prices subdued for the time being.
By late-Tuesday morning the Canadian dollar bumped up to 74.48 U.S. cents compared to Monday’s close of 74.39.
Approximately 37,550 canola contracts were traded as of 10:25 CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 610.50 up 1.80 May 616.50 up 2.40 Jul 619.70 up 2.50 Nov 618.70 up 2.30
