By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 24 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher Tuesday morning, due to spillover from gains in the Chicago soy complex.
Additional support came from increases in European rapeseed, but pressure came from declines in Malaysian palm oil.
Ever tightening canola supplies and uncertainty over this year’s canola production were also supportive of increases. Statistics Canada is scheduled to issue its survey-based production report on Monday.
The nearby ICE canola crush margin contracts finished respectively yesterday at C$3.04 below the November contract on Monday, which was a far cry from the C$41.47 above the futures a month ago.
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The cooler temperatures will continue to dominate the Prairies for at least the next few days. Any rain is most likely fall over Saskatchewan or Manitoba, missing Alberta.
The Canadian dollar remained on the upswing, with the loonie at 79.17 U.S. cents compared to Monday’s close of 78.85.
About 3,250 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric tonne at 8:44 CDT:
Price Change
Canola Nov 890.00 up 13.90
Jan 875.20 up 12.40
Mar 855.70 up 11.70
May 831.90 up 11.60
