By Glen Hallick
Glacier Farm Media MarketsFarm – Canola futures on the Intercontinental Exchange were higher on Tuesday morning with the nearby November contract pushing above C$600 per tonne.
There was spillover coming from gains in the Chicago soy complex and European rapeseed, but Malaysian palm oil was a pinch lower. Modest declines in crude oil were trying to keep a lid on increases in the vegetable oils.
Statistics Canada is set to release its principal field crops report tomorrow at 7:30 am CDT. While StatCan’s model-based estimates are to give an idea of the size of this year’s crops could be, there’s a fair bit of skepticism in the trade towards the report.
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As the November canola contract is a little short of C$600 per tonne, it exceeded its 20-day moving average, but remained a fair distance from its 50, 100, and 200-day averages.
The Canadian dollar was relatively steady on Tuesday morning with the loonie at 74.23 U.S. cents compared to Monday’s close of 74.18.
Approximately 11,150 contracts had traded by 8:37 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 600.50 up 10.80 Jan 610.90 up 10.30 Mar 618.50 up 9.30 May 623.30 up 9.40
