By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures saw their gains fade away on Tuesday, as pressure from mounting declines in crude oil pulled the Canadian oilseed into the red.
Losses in the Chicago soy complex, Malaysian palm oil and MATIF rapeseed also weighed on canola values.
An analyst said canola might not fall back much further as it nears its support levels. He added that the seasonal tendency for canola at this time of year is to climb higher.
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The July canola contract remained behind its 20-day moving average and settle just above its 50-day average.
Agriculture and Agri-Food Canada is scheduled to issue its supply and demand report on Friday.
The Canadian dollar was higher on Tuesday afternoon, with the loonie at 72.61 U.S. cents, compared to Monday’s close of 72.40.
There were 67,649 canola contracts traded on Tuesday, compared to 74,579 on Monday. Spreading accounted for 44,702 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola May 704.10 dn 1.20
Jul 716.60 dn 0.80
Nov 717.00 dn 0.80
Jan 724.50 dn 0.90
