ICE Canada Morning Comment : Canola Finds Positive Territory

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were on the rise Tuesday morning, along with comparable oils.

There were upticks in Chicago soybeans and soyoil, while soymeal eased back. Additional support for canola came from gains in European rapeseed and Malaysian palm oil. Higher global crude oil prices were lending support to vegetable oils.

The United States Department of Agriculture is scheduled to publish its monthly supply and demand estimates on Friday. Cuts are projected for U.S. soybean ending stocks and Brazil soybean production, which would be supportive of canola.

Crush margins pushed upward, which underpinned canola's values.

The Canadian dollar was a pinch lower on Tuesday morning with the loonie at 74.70 U.S. cents, compared to Monday's close of 74.78.

Approximately 11,000 contracts had traded by 9:35 EST and prices in Canadian dollars per metric tonne were:

 
  Canola 
        Price       Change 
  Mar   623.00      up 6.60 
  May   630.10      up 5.90 
  Jul   635.80      up 5.40 
  Nov   634.30      up 4.40 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

01-09-24 1005ET