By Glen Hallick, MarketsFarm
WINNIPEG, June 27 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Tuesday morning in a correction from earlier gains.
There’s pressure from declines in the Chicago soy complex as well as in European rapeseed and Malaysian palm oil. Global crude oil prices were down by a small amount, weighing on the vegetable oils.
Dry conditions are expected to dominate the Prairies through to the weekend, with the chance of scattered thunderstorms. Daytime highs are to be in the mid 20’s Celsius range.
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Canola crush margins retreated a little, but the November positions were still quite healthy at C$190 to C$193 per tonne above futures.
Statistics Canada is scheduled to issue its survey-based planting area report on Wednesday. Canola acres are projected to be 21.6 million to 21.9 million compared to the 21.4 million seeded last year.
The Canadian dollar was a pinch lower on Tuesday morning, with the loonie dipping to 75.98 U.S. cents compared to Monday’s close of 76.04.
About 10,200 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change Canola Jul 738.90 dn 9.70 Nov 711.90 dn 9.70 Jan 715.80 dn 10.50 Mar 718.10 dn 10.20
