WINNIPEG, Manitoba--Intercontinental Exchange canola futures bounced back on Tuesday, erasing Monday's losses.
Sharp gains in crude oil spilled over into the vegetable oils, with canola getting support from additional increases in Chicago soyoil, European rapeseed and Malaysian palm oil. Declines in Chicago soybeans and soymeal tried to temper the upswing in the Canadian oilseed.
Well above normal temperatures continued to push across the Prairies, providing farmers with an opportunity to catch up on their delayed spring planting.
The July canola contract nudged above its 20-day moving average, placing it ahead of its major technical levels.
The Canadian dollar slipped lower on Tuesday afternoon, with the loonie at 72.38 U.S. cents, compared to Monday's close of 72.44.
