WINNIPEG, Manitoba--The ICE Futures canola market was stronger Tuesday morning, as speculative short covering continued to provide support.
Weakness in the Canadian dollar, which was down sharply relative to its U.S. counterpart, contributed to the strength in futures as the falling currency underpins crush margins and makes exports more attractive to international buyers.
A firmer tone in European rapeseed futures also provided some spillover support. However, Malaysian palm oil and Chicago soyoil futures were both weaker.
Scale-up farmer selling on the move higher tempered the gains as well.
About 9,100 canola contracts had traded as of 9:40 a.m. EDT.
Prices in Canadian dollars per metric ton at 9:40 a.m. EDT:
Price Change
Canola May 634.10 up 2.40
Jul 643.40 up 2.10
Nov 649.60 up 2.40
Jan 656.70 up 1.70
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-19-24 1007ET
