Intercontinental Exchange (ICE) canola futures continued to add gains Tuesday morning in very light activity. The Canadian oilseed has been on the rise since Friday.
There was support coming from small increases in the Chicago soy complex, but European rapeseed and Malaysian palm oil were to the downside. Slight gains in global crude oil prices provided a little bit of support to edible oils.
The weather forecast for the Prairies has called for two systems to bring rain to the region this week. Such will add to the delay to spring planting in the eastern Prairies, while providing much needed moisture to the western half.
The Canadian dollar was higher Tuesday morning with the loonie at 77.84 U.S. cents, compared to Monday's close of 77.59.
About 2,400 canola contracts had traded as of 9:35 ET.
Prices in Canadian dollars per metric tonne at 9:35 ET:
Price Change
Canola
Jul 1,213.40 up 17.40
Nov 1,110.30 up 5.50
Jan 1,112.00 up 4.20
Mar 1,104.30 unchanged
(END) Dow Jones Newswires
05-17-22 1004ET
