Howard Leaman Mar 31/20
Canola traded on both sides of unchanged again on Tuesday, ending
mixed with the two nearby contracts higher, but the deferred new crop
positions ended lower. The market was supported by news that China would
resume imports of Canadian canola, though some argued that the resumption
had been anticipated and was already partly factored into the market. A
firmer tone in soy oil and soybeans and early weakness in the Canadian
dollar against the U.S. dollar also lent support to canola.
The buying in canola was curbed by a recovery in the Canadian dollar
and a mixed to lower tone in palm oil and European rapeseed. The Canadian
dollar dropped to $0.6969 at one point on Tuesday, before rallying back for
a quarter cent gain on the day to trade near $0.7085 when canola stopped
trading for the day.
The USDA perspective plantings report and quarterly stocks report were
released on Tuesday, and both were well within the range of expectations
for soy. That had little if any influence on the canola market.
May Canola 473.40 461.00
July Canola 482.70 470.00
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