WINNIPEG, Manitoba--Intercontinental Exchange canola futures were higher on Tuesday morning, building on Friday's gains as trading resumed after the long weekend.
There were still concerns about the rain across the Prairies that's led to delays to spring planting. However, the moisture will be good for production in the long run.
The new crop November canola contract remained above its 200-day moving average, despite testing it overnight.
Spillover from comparable oils was negative with moderate to sharp losses in the Chicago soy complex, European rapeseed, Malaysian palm oil and crude oil.
The Alberta crop report stated that seeding more than doubled to nearly 33 per cent complete across the province, with the planting of canola at 15 per cent finished.
The Canadian dollar was lower on Tuesday morning, with the loonie slipping to 73.25 U.S. cents compared to Friday's close of 73.45.
Approximately 11,800 contracts had traded by 9:43 EDT and prices in Canadian dollars per metric ton were:
Canola
Price Change
Jul 664.50 up 3.40
Nov 686.00 up 5.10
Jan 693.40 up 4.50
Mar 700.70 up 4.40
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-21-24 1015ET
