By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures was lower on Tuesday morning, following Chicago soybeans and soyoil to the downside.
The losses were tempered by gains in Malaysian palm oil, European rapeseed and Chicago soymeal. In turn, modest declines in crude oil limited the upside in the vegetable oils.
Rains across the Prairies this week are to bring much-needed relief to persistent dry conditions in some areas.
The gap between the 20- and 50-day moving averages for the November canola contract continued to converge, at about C$1.30 apart. However, the November remained well above the 100- and 200-day averages.
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Glacier FarmMedia | MarketsFarm — Canola futures on the Intercontinental Exchange retreated further on Tuesday despite entering positive territory for…
Agriculture and Agri-Food Canada released its July supply and demand report on Monday. It included Statistics Canada’s revised canola production estimate for 2024/25 of 19.19 million tonnes, up from 17.85 million. AAFC projection 2025/26 canola production at 17.80 million tonnes.
The Canadian dollar nudged up on Tuesday morning, with the loonie at 73.15 U.S. cents compared to Monday’s close of 73.03.
Approximately 9,700 contracts were traded by 8:36 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 688.50 dn 5.60 Jan 698.70 dn 5.20 Mar 705.70 dn 4.90 May 711.10 dn 4.60
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
