ICE Canola Trying to Stay Above Support Levels Midday

WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were slightly higher by mid-session Tuesday, in an attempt to remain above its support levels, an analyst said.

The analyst said canola, unlike crude oil and Chicago soyoil, doesn't have a lot of room to fall back before hitting support levels. He placed support for the May canola contract at C$700 per metric ton.

As crude oil incurred losses of US$3 to US$5 per barrel, soyoil fell back by about four-tenths of a cent. There were also losses in Malaysian palm oil and MATIF rapeseed. Chicago soybeans were mixed and soymeal tacked on small gains.

The analyst added that a seasonal tendency was influencing canola as well, with upswings quite common prior to spring seeding.

The Canadian dollar was stronger late Tuesday morning with the loonie at 72.69 U.S. cents, compared to Monday's close of 72.40.

Approximately 42,550 canola contracts were traded as of 11:42 a.m. EDT, with prices in Canadian dollars per metric ton:

 
           Price      Change 
May       706.60     up 1.30 
Jul       719.00     up 1.60 
Nov       719.80     up 2.00 
Jan       727.20     up 1.80 
 

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

(END) Dow Jones Newswires

04-14-26 1205ET