By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 9 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were on the rise on Monday morning, in trading that was choppy.
Support came from increases in Chicago soybeans and soymeal, while soyoil was relatively steady. Declines in European rapeseed and Malaysian palm oil weighed on values.
Thunderstorms have been forecast for the southern Prairies on Monday, particularly southern Manitoba and southwestern Saskatchewan. Temperatures across the region are in the low to mid-20 degrees Celsius, but steadily rising as the week progresses.
The harvest was underway across parts of the Prairies, which added some pressure to the markets.
There will be positioning ahead of the August supply and demand estimates from the United States Department of Agriculture on Thursday.
The Canadian dollar was a pinch higher this morning, with the loonie at 79.74 U.S. cents compared to Friday’s close of 79.68.
About 1,650 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Price Change
Canola Nov 895.00 up 3.20
Jan 878.60 up 1.80
Mar 865.70 up 5.20
May 850.50 up 9.40
