By Glen Hallick, MarketsFarm
WINNIPEG, April 18 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Monday morning, as trading resumes after the Easter long weekend.
Support was coming from gains in Chicago soybeans and soyoil along with strong upticks in Malaysian palm oil. The European markets are closed for Easter Monday.
Moderate increases in global crude oil prices were lending support to edible oils.
Below normal temperatures across most of the Prairies could delay the start of spring planting, especially in eastern half of the region.
The latest data from the Canadian Grain Commission highlighted that canola exports are about half of what they were a year ago. At 36 weeks into the 2021/22 marketing year 4.17 million tonnes have been shipped overseas, compared to 8.3 million this time last year.
The Canadian dollar was lower on Monday morning with the loonie at 79.20 U.S. cents, compared to Thursday’s close of 79.36.
About 1,950 canola contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric tonne at 8:34 CDT:
Price Change
Canola May 1,169.30 up 8.60
Jul 1,152.70 up 10.20
Nov 1,039.80 up 7.00
Jan 1,041.60 up 7.00
