By Glen Hallick, MarketsFarm
WINNIPEG, July 26 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were pushing higher at midday Tuesday, gleaning support from stronger comparable oils.
The Chicago soy complex was on the rise following the latest crop progress report from the United States Department of Agriculture that lowered crop ratings for soybeans. While European rapeseed provided support to canola, there were small losses in the off session of Malaysian palm oil.
Global crude oil prices gave up moderate gains, turning mixed. That saw canola and other veg oils shed some of their increases.
The Prairies are expected to turn drier over the next few days, after a system exited the region. Daytime temperatures are forecast to increase as the rest of the week progresses.
The Canadian dollar was slipped back to 77.66 U.S. cents, compared to Monday’s close of 77.81.
Approximately 8,800 canola contracts were traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Price Change
Canola Nov 801.20 up 6.10
Jan 810.30 up 6.90
Mar 819.00 up 7.60
May 828.80 up 10.50
