By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 16 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Monday morning on gains made during the overnight session. However, increases have pulled back from earlier highs.
Prairie temperatures have been forecast to continue well above 30 degrees Celsius today, especially parts of Saskatchewan and Manitoba. Daytime highs across the region are expected to recede to the around normal by Wednesday, which is to bring light to moderate rainfall.
There’s also support for canola coming from small gains in the Chicago soybean and soymeal, as well as moderate increases in European rapeseed and Malaysian palm oil. Chicago soyoil was down slightly, tempering those gains in canola.
The Canadian dollar was lower this morning, which also provided support. The loonie was at 79.64 U.S. cents, compared to Friday’s close of 79.91.
About 3,750 canola contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric tonne at 8:38 CDT:
Price Change
Canola Nov 906.40 up 12.10
Jan 890.20 up 7.40
Mar 872.90 up 5.10
May 853.00 up 4.90
