WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange remained lower Tuesday morning as prospects for a good crop on the Prairies weighed on values.

Pressure on canola also came from declines in Chicago soybeans and soyoil, as well as Malaysian palm oil while European rapeseed was narrowly mixed. Small upticks in crude oil lent some support to the oilseeds.

While the November canola contract was slightly above its 100-day moving average it was far below its 200-day average.

Canola crush margins were firm with the November positions at C$122 to C$128 per tonne above the futures.

The U.S. Commodity Trading Commission reported the short position for ICE canola increased by about 18,000 contracts at just more than 69,300.

The Canadian dollar dipped Tuesday morning, with the loonie at 72.59 U.S. cents compared with Monday's close of 72.65.

About 8,500 contracts had traded by 9:31 a.m. ET and prices in Canadian dollars per metric tonne were:


 
Canola 
    Price  Change 
Jul 619.30 dn 10.80 
Nov 642.40 dn 9.90 
Jan 649.10 dn 10.50 
Mar 654.30 dn 10.40 

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

06-11-24 0958ET