Intercontinental Exchange (ICE) canola futures were mixed Tuesday morning, with gains in the front months following overnight declines.
As losses in Malaysian palm oil weighed on canola values, European rapeseed was mixed, and small gains in the Chicago soy complex weren't overly supportive.
There could be spillover from the soy complex after the U.S. Department of Agriculture releases its monthly supply and demand estimates later today. The trade expects the report to have something of a bearish effect.
Ongoing situations with tight canola supplies and drought on the Prairies underpinned values. There could be some relief from the dryness as a system is forecast to bring snow to the region Wednesday and Thursday. The heaviest amounts are expected in Manitoba.
The Canadian dollar was relatively steady with the loonie at 80.30 U.S. cents compared to Monday's close of 80.33.
About 3,600 canola contracts had traded as of 9:42 EST.
Prices in Canadian dollars per metric tonne at 9:42 EST:
Price Change Canola Jan 979.40 up 2.00 Mar 954.90 up 0.30 May 923.50 dn 2.00 Jul 885.90 dn 1.60
(END) Dow Jones Newswires
11-09-21 1009ET
