WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were mixed on Tuesday as the July contract made modest gains while new crop contracts were negative.
Crude oil prices were higher after early losses amid conflicting reports about the status of peace talks between the United States and Iran. However, Chicago soyoil and European rapeseed were lower while Malaysian palm oil did not trade due to a holiday.
An analyst warned that El Niño is becoming more likely to appear later this summer. He added it could negatively affect the conditions and development of Prairie crops months from now.
At mid-afternoon, the Canadian dollar was steady compared to Monday's close.
There were 66,457 canola contracts traded on Tuesday, compared to Monday when 69,948 contracts changed hands. Spreads accounted for 48,204 contracts in today's trade.
