WINNIPEG – The ICE Futures canola market was weaker Tuesday morning, as declines in most outside markets weighed on values.
Chicago Board of Trade soybeans fell to fresh contract lows, while soyoil, Malaysian palm oil, and European rapeseed futures were also weaker. Continued weakness in crude oil and the global equities added to the bearish tone in the agricultural commodities, according to participants.
However, weakness in the Canadian dollar provided some spillover support for canola, with the currency down about a third of a cent in early activity.
Statistics Canada was scheduled to release the results of its acreage survey later this week, but the report has been delayed due to the COVID-19 pandemic.
About 9,200 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Price Change
Canola May 451.20 dn 1.90
Jul 457.10 dn 3.60
Nov 465.80 dn 3.10
Jan 472.80 dn 2.50
