By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were on the rise Tuesday morning, continuing from overnight gains.
Support came from increases in Chicago soybeans and soyoil, as well as Malaysian palm oil. However, there were declines in European rapeseed and Chicago soymeal which tempered further increases.
Global crude oil prices were pushing higher with the spillover finding its way into vegetable oils.
Canola values continued to be underpinned by massive crush margins, which have hit new historic highs.
The United States Commodity Futures Commission (CFTC) reported that the net managed short position for ICE canola futures was 3,879 contracts as of Nov. 22. That made for 19,328 long and 22,207 short on a combination of long-liquidation and new shorts being added.
The Canadian dollar was weaker on Tuesday morning. The loonie slid to 73.77 U.S. cents compared to Monday’s close of 74.33.
About 7,000 contracts had traded as of 8:37 CST.
Prices in Canadian dollars per metric tonne at 8:37 CST:
Price Change Canola Jan 839.00 up 21.20 Mar 838.10 up 20.70 May 841.30 up 19.40 Jul 846.00 up 18.70
