By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 5 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were lower Tuesday morning due to a weaker Chicago soy complex.
Despite unfavourable weather, harvest progress on the Prairies and farmer selling has kept a lid on values. Also, profit taking could do the same after gains on Monday.
Better than expected usage, due to a strong crush demand, is providing support. As is canola being attractively priced compared to other vegetable oils.
The Canadian dollar is steady this morning at 76.11 U.S. cents after closing Monday at 76.06.
About 3,600 canola contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric ton at 8:40 CST:
Price Change
Canola Jan 460.60 dn 1.60
Mar 469.80 dn 1.90
May 478.70 dn 1.90
Jul 486.10 dn 2.00
