By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 23 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Tuesday morning, with sharp gains in the old crop months while the more deferred months had smaller increases.
Tight canola supplies continue to drive up prices as the commercials look to fulfill their contracts.
Yesterday the soon-to-expire March contract broke through C$800 per tonne. This morning the March hit its daily limit of C$30 per tonne at C$830.70.
While canola has been showing independence from other edible oils, gains in Chicago soyoil, European rapeseed and Malaysian palm oil were supportive.
The Canadian dollar was little changed with the loonie at 79.34 U.S cents compared to Monday’s close of 79.28.
About 7,300 canola contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric tonne at 8:40 CST:
Canola May 780.30 up 27.10
Jul 742.50 up 21.90
Nov 595.80 up 5.80
Jan 596.50 up 5.40
Futures Prices as of February 23, 2021
Prices are in Canadian dollars per metric ton