By Glen Hallick, MarketsFarm
WINNIPEG, April 19 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed on Tuesday morning, with losses in the old crop months. The new crop contracts were mostly higher, closing the gap with the old crop positions.
With global crude oil prices on the decline, there was pressure on edible oils. That generated losses in the Chicago soy complex and Malaysian palm oil. European rapeseed, which resumed trading today, was the exception in seeing strong upticks.
The canola market will be positioning ahead of Statistics Canada’s forecast on planting intentions for 2022. The report will be released by the federal agency on April 26.
Below normal temperatures along with snowfall from an Alberta Clipper and a Colorado Low will likely further delay spring planting on the eastern Prairies.
The Canadian dollar was lower on Tuesday morning with the loonie at 79.13 U.S. cents, compared to Monday’s close of 79.25.
About 2,550 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Price Change
Canola May 1,167.80 dn 3.20
Jul 1,151.20 dn 1.90
Nov 1,050.90 up 1.10
Jan 1,053.70 up 2.10
