WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange pushed higher Tuesday morning, benefiting from gains in comparable oils.
There were upticks in Chicago soybeans and soyoil, but soymeal was to the downside. Additional support came from increases in European rapeseed and Malaysian palm oil. Higher crude oil prices spilled over into the oilseeds.
The May canola contract remained well above the 20-day and 50-day moving averages, but was short of the 100-day average.
The April weather outlook for the Prairies called for above-normal temperatures and drier conditions across the eastern half of the region, while the western half is to be somewhat cooler with more precipitation.
Canola crush margins pulled back with the old crop positions slipping beneath C$168 per metric ton above the futures.
The Canadian dollar was virtually unchanged on Tuesday morning, with the loonie at 73.66 U.S. cents.
Approximately 9,750 contracts have traded by 9:34 a.m. EDT, and prices in Canadian dollars per metric ton were:
Price Change
Canola May 639.20 up 5.00
Jul 648.20 up 5.40
Nov 656.00 up 5.20
Jan 663.10 up 5.70
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-02-24 0958ET
