By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were higher mid-session Tuesday, as they continued to follow the shifts in Chicago soyoil. The latter tacked on modest gains as crude oil bounced back, reclaiming part of Monday’s sharp losses.
However, that upswing in crude wasn’t translating into increases for Malaysian palm oil and most MATIF rapeseed contracts, which weighed on canola. There were losses as well in Chicago soybeans and soymeal.
The May canola contract returned above its 20-day moving average after dipping below it earlier today. However, the May contract remained handily above its other major indicators.
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Canola crush margins had modest increases, with the May position surpassing C$296 per tonne above the futures.
The Canadian dollar was weaker by late Tuesday morning with the loonie at 72.70 U.S. cents, compared to Monday’s close of 72.90.
Approximately 30,650 canola contracts were traded as of 10:34 a.m. CDT, with prices in Canadian dollars per metric tonne:
Canola May 722.10 up 3.00
Jul 734.90 up 2.70
Nov 728.80 up 2.30
Jan 732.90 up 0.60
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