By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 22 (MarketsFarm) – After six-consecutive sessions of gains, canola futures on the Intercontinental Exchange appear to be on their way to losses Tuesday, lacking support from comparable oils.
There were declines in Chicago soyoil, European rapeseed and Malaysian palm oil. Global crude oil prices were slightly lower as well, putting additional pressure on vegetable oils. Meanwhile, a little bit of support came from upticks in Chicago soybeans and soymeal.
Although canola crush margins pulled back a little, the upfront positions remain well in excess of C$200 per tonne above futures.
What’s left of Tropical Storm Hilary will make its way across the Prairies starting today, bringing much needed rain.
The Canadian dollar was a pinch higher on Tuesday morning, with the loonie at 73.92 U.S. cents compared to Monday’s close of 73.84.
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 Nov 800.30 dn 9.10 Jan 805.60 dn 9.50 Mar 808.90 dn 7.10 May 807.10 dn 6.90
