By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 3 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stronger Tuesday morning, the first trading day of 2023.
There was support for the Canadian oilseed coming from slight upticks in Chicago soybeans, European rapeseed and Malaysian palm oil. There were small losses in Chicago soyoil and soymeal, which tempered further increases in canola. Global crude oil prices were to the downside, putting pressure on vegetable oils.
The long-range weather outlook for the Prairies has called for above normal temperatures with reduced chances of precipitation. Much of the region is already in dry conditions.
The Canadian dollar was falling back on Tuesday morning as the United States dollar surged upward. The loonie dropped to 73.11 U.S. cents compared to Friday’s close of 73.83.
About 3,350 contracts had traded as of 8:34 CST.
Prices in Canadian dollars per metric tonne at 8:34 CST:
Price Change Canola Mar 878.40 up 12.60 May 874.50 up 11.90 Jul 874.30 up 12.70 Nov 838.40 up 8.60
