WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were lower after trading either side of unchanged earlier.
A trader said canola was having trouble deciding which way to go on Tuesday.
However, with the funds being long, cool temperatures on the eastern half of the Prairies and the chance of spring planting being pushed back, the trader said the market was becoming risk adverse.
As the shaky U.S.-Iran cease-fire continued to hold, crude-oil prices were falling, putting pressure on the vegetable oils.
Losses in Chicago soybeans and soymeal as well as European rapeseed weighed on canola values. Chicago soyoil was relatively steady while gains in Malaysian palm oil offered support.
Statistics Canada is set to issue its stocks as of March 31 report on Wednesday. The trader said it is unlikely to have much effect on the market.
The Canadian dollar was virtually unchanged at 73.49 U.S. cents.
Approximately 27,200 canola contracts were traded as of 11:55 a.m. EDT, with prices in Canadian dollars per metric ton:
Contracts Price Change Jul 755.20 dn 3.60 Nov 760.10 dn 3.10 Jan 767.00 dn 2.90 Mar 771.70 dn 3.20
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
05-05-26 1230ET
