ICE Canada Morning Comment: Old crop canola holding onto gains

Source: Canadian Cattlemen

By Glen Hallick, MarketsFarm

WINNIPEG, March 23 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were mixed in choppy trading on Tuesday morning, with the gains in the immediate months.

Support was coming from gains the Chicago soy complex as well as from European rapeseed and Malaysian palm oil.

Tight old crop supplies continued to underpin canola values.

A weaker Canadian dollar was also supportive of canola values. The loonie was at 79.50 U.S. cents, compared to Monday’s close of 79.92.

About 5,950 canola contracts had traded as of 8:40 CDT.

Prices in Canadian dollars per metric tonne at 8:40 CDT:

Price Change
Canola May 798.10 up 2.20
Jul 745.00 up 1.30
Nov 620.30 dn 1.50
Jan 624.30 dn 0.80