WINNIPEG – Canola futures on the Intercontinental Exchange (ICE) reclaimed some lost ground at midday Tuesday, after several days of steep declines.
A broker said the Canadian oilseed was exercising some independent strength from the Chicago soy complex. The latter was seeing some small increases in soybeans and soyoil, while soymeal pushed lower. Losses in Malaysian palm oil added more pressure on canola.
However, spillover support was derived from upticks in European rapeseed. Gains in global crude oil prices also underpinned vegetable oils.
Rain across the Prairies has generated mixed feelings. While the moisture is welcome in the dry areas of the region, it’s not in the eastern half where conditions have been quite wet this spring.
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The broker said seeding in Manitoba has likely wrapped up due to another round of rain, but he noted the province makes up for only about five per cent of the planted area in North America. That means unplanted acres in Manitoba have little effect on the grander scale. The province will issue its next weekly crop report late this afternoon.
The Canadian dollar continued its decline, with the loonie retreating to 77.38 U.S. cents compared to Monday’s close of 77.77.
Approximately 10,700 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola Jul 1,094.70 up 6.40
Nov 1,039.00 up 10.40
Jan 1,044.70 up 10.60
Mar 1,046.60 up 10.90
