Intercontinental Exchange (ICE) canola futures were seeing gains in the front months Tuesday morning, while the deferred positions incurred losses.
There was support coming from increases in Chicago soyoil, European rapeseed and Malaysian palm oil. Higher crude oil prices lent a boost to edible oil values. Chicago soybeans were steady to lower and soymeal eased back a little.
Positioning ahead of Thursday's supply and demand report from the U.S. Department of Agriculture (USDA) will be felt in the canola market.
The tight supply situation continued to underpin canola values, but there are ideas they're becoming overpriced.
The Canadian dollar was swinging higher this morning, with the loonie at 78.84 U.S. cents compared to Monday's close of 78.25.
About 3,750 canola contracts had traded as of 9:33 ET.
Prices in Canadian dollars per metric tonne at 9:33 ET:
Price Change
Canola Jan 1,037.20 up 10.10 Mar 1,005.40 up 7.80 May 964.00 up 4.40 Jul 911.20 dn 0.60
(END) Dow Jones Newswires
12-07-21 1000ET
