By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 23 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stronger Monday morning, gleaning support from gains in the Chicago soybeans and especially soyoil, while soymeal dipped. There were also gains in Malaysian palm oil and European rapeseed.
Harvesting across the Prairies largely came to a halt over the weekend due to ample showers. Parts of Saskatchewan and Manitoba received 25 to 75 millimeters of rain, which will benefit later planted and slower developing crops. However, the moisture is of little benefit to canola and cereals.
ICE canola crush margins fell back, with the upfront contracts dropping to C$3 to C$4 per tonne on Friday. A week earlier they were almost eight times the amount.
The Canadian dollar was stronger with the loonie at 78.56 U.S. cents compared to Friday’s close of 77.78.
About 3,800 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change
Canola Nov 881.50 up 16.60
Jan 868.20 up 14.80
Mar 849.70 up 13.20
May 826.70 up 13.20
