By Glen Hallick, MarketsFarm
WINNIPEG, June 7 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly lower on Tuesday morning, due to declines in comparable oils.
Losses in the Chicago soy complex, European rapeseed and Malaysian palm oil weighed on canola values. Global crude oil prices were slightly lower, which put pressure on vegetable oils.
Rain continued to fall on parts of southern Alberta and southwestern Saskatchewan, but is forecast to end this afternoon. Nevertheless the moisture for those dry areas are welcomed for thirsty crops. The eastern Prairies are sunny with no precipitation in the forecast for the next several days, helping to speed along spring seeding.
The Canadian dollar was lower on Tuesday morning with the loonie at 79.40 U.S. cents, compared to Monday’s close of 79.59.
About canola 4,300 contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change
Canola Jul 1,117.00 dn 6.70
Nov 1,034.00 dn 8.60
Jan 1,037.80 dn 9.20
Mar 1,040.00 dn 7.10
