ICE Canola Makes Gains

WINNIPEG, Manitoba--ICE canola futures were slightly higher on Tuesday morning, despite losses in comparable oils.

There were declines in Chicago soyoil and Malaysian palm oil, but upticks in European rapeseed. Additional support came from increases in Chicago soybeans and soymeal. Global crude oil prices were lower, putting pressure on the vegetable oils.

Traders continued to roll out of the July positions into November, with the vast majority of activity Tuesday morning in those two contracts. Also, crush margins pushed higher which underpinned canola values.

The heatwave on the eastern Prairies will continue for the balance of the week, while the western half will be a little cooler. Over the coming days the entire region is to see a series of passing thunderstorms.

The Canadian dollar was slightly lower on Tuesday morning, with the loonie at 74.36 U.S. cents compared with Friday's close of 74.44 cents.

About 7,500 contracts had traded as of 9:36 a.m. ET.

Prices in Canadian dollars per metric ton at 9:36 a.m. ET:

   Canola     Price     Change 
 
       Jul    657.40    up 2.30 
       Nov    633.00    up 1.90 
       Jan    637.90    up 1.20 
       Mar    646.60    up 4.20 

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

(END) Dow Jones Newswires

06-06-23 1002ET