ICE canola steady on Tuesday

By Marlo Glass, MarketsFarm
WINNIPEG, Dec. 10 (MarketsFarm) – The ICE Futures canola market was on either side of unchanged on Tuesday morning, despite supportive indications from Malaysian palm oil and soybeans on the Chicago Board of Trade.
Malaysian palm oil stocks hit three-month lows in November due to seasonal production declines, according to Reuters. Canola has remained competitively priced compared to other vegetable oils.
Chicago soybeans were boosted by optimism for a trade deal between the United States and China. Secretary of Agriculture Sonny Perdue has said he believes U.S. President Trump won’t enact additional tariffs on Dec. 15.
A relatively stronger Canadian dollar tempered further gains for canola. The dollar was around 75.53 U.S. cents on Tuesday morning.
About 3,300 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric ton at 8:35 CST:
Price Change
Canola Jan 459.00 up 0.10
Mar 468.10 dn 0.10
May 475.60 dn 0.20
Jul 481.60 up 0.10

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