WINNIPEG, Manitoba--Intercontinental Exchange canola futures were lower at midsession Tuesday, due to a number of factors, according to a broker.
"There's good moisture now almost everywhere on the Prairies," the broker said. "This may be one of the best starts to a crop on the Prairies that we've had for a quite a few years." He added such will limit any upside to canola, although he estimated that upwards to 40% of the crop is likely to be planted in June.
"Not that's a big deal. We've seeded lots of canola in June before and it's usually turns out OK," the broker commented.
Although canola was getting support from strong upticks in Chicago soyoil, weakness in soybeans and soymeal kept the Canadian oilseed's values on the downside. Meanwhile, there were gains in Malaysian palm oil and European rapeseed was narrowly mixed. Increases in global crude oil prices were spilling over into the oilseeds.
The Prairies have been forecast to remain dry for the next few days, although rain is expected for some parts of the region before the weekend.
The Canadian dollar was virtually unchanged on late Tuesday morning, with the loonie at 73.32 U.S. cents.
Approximately 25,350 canola contracts were traded as of 11:42 a.m. EDT, with prices in Canadian dollars per metric ton:
Price Change
Canola Jul 667.10 dn 5.10
Nov 688.20 dn 4.60
Jan 695.80 dn 4.40
Mar 702.50 dn 4.10
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-28-24 1209ET
