Intercontinental Exchange (ICE) canola futures were taking a step back Tuesday morning. There were declines in European rapeseed, as well as in the Chicago soy complex.
Tempering further losses were small gains in Malaysian palm oil, tight canola supplies, lackluster production this year and concerns about dryness in the coming year.
Two systems will bring some precipitation to the Prairies this week, however neither will provide sufficient amounts to alleviate those concerns.
The Canadian dollar was higher this morning, with the loonie at 80.95 U.S. cents, compared to Monday's close of 80.78.
About 4,700 canola contracts had traded as of 9:36 ET.
Prices in Canadian dollars per metric tonne at 9:36 ET:
Nov 943.00 dn 5.80
Jan 937.90 dn 5.60
Mar 922.80 dn 5.80
May 895.20 dn 5.70
(END) Dow Jones Newswires