By Glen Hallick, MarketsFarm
WINNIPEG, May 16 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Tuesday morning despite a lack of support from comparable oils.
Pressure on canola came from declines in the Chicago soy complex, European rapeseed and Malaysian palm oil. Global crude oil prices were up a pinch, which lent a small amount of support to the vegetable oils.
As spring planting continues across the Prairies, Manitoba is scheduled to issue its first crop report of 2023 later this afternoon.
The Canadian dollar was higher on Tuesday morning, with the loonie at 74.50 U.S. cents compared to Monday’s close of 74.15.
About 9,350 contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change Canola Jul 742.00 up 11.20 Nov 708.90 up 4.00 Jan 712.60 up 4.20 Mar 714.70 up 2.80
