By Marlo Glass, MarketsFarm
WINNIPEG, March 3 (MarketsFarm) – The ICE Futures canola market started the day higher, taking direction from strength in comparable vegetable oils and relative weakness in the Canadian dollar.
The soy complex on the Chicago Board of Trade was stronger due to Argentina suspending its soy exports, due to planned increases in export taxes.
The Canadian dollar was slightly weaker, making canola exports more attractive. The dollar was around 74.79 cents on Tuesday morning.
About 4,500 canola contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric ton at 8:40 CST:
Price Change
Canola May 464.80 up 1.20
Jul 471.80 up 1.10
Nov 481.30 up 0.80
Jan 487.70 up 1.10
