WINNIPEG, Manitoba--Intercontinental Exchange canola futures were higher at midsession Tuesday, recovering with support from comparable oils.
Increases in the Chicago soy complex spilled over into canola, as did gains in European rapeseed. Malaysian palm oil was back trading with prices steady to higher. Modest upticks in crude oil were lending support to the oilseeds.
An analyst said the prospects for large crops across the Prairies should get stronger as temperatures eventually begin to climb upward.
Canola crush margins receded a little with the November positions slipping to C$138 to C$143 per tonne above the futures.
The Canadian dollar bumped up late Tuesday morning with the loonie at 72.88 U.S. cents compared with Monday's close of 72.76.
With the Juneteenth holiday in the U.S., markets there will be closed Wednesday.
About 35,950 canola contracts were traded as of 11:31 a.m. ET, with prices in Canadian dollars per metric tonne:
Canola
Price Change
Jul 610.60 up 5.30
Nov 626.80 up 2.50
Jan 633.00 up 2.70
Mar 636.00 up 2.60 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
06-18-24 1202ET
