By Glen Hallick, MarketsFarm
WINNIPEG, June 28 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) saw new crop contracts continue to make gains at midday Tuesday, while old crop July fell back as interest in it waned.
An analyst said support for canola was coming from increases in the Chicago soy complex, as well as European rapeseed. Upticks in crude oil prices lent support to vegetable oils, but Malaysian palm oil was currently pushing lower, putting some pressure on canola.
The lack of major weather concerns on the Prairies also weighed on values.
The Canadian dollar was relatively steady with the loonie at 77.58 U.S. cents, compared to Monday’s close of 77.60.
Approximately 13,850 canola contracts were traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Price Change
Canola Jul 891.30 dn 9.80
Nov 891.30 up 1.90
Jan 898.00 up 2.10
Mar 904.60 up 2.60
