By Marlo Glass, MarketsFarm
WINNIPEG, Dec. 9 (MarketsFarm) – The ICE Futures canola market started the week higher on Monday, following trends set late last week.
Statistics Canada’s principal field crop production report supported canola values. The report estimated the total canola production for 2019 to be 18.649 million tonnes, which was lower than trade estimates.
A stronger tone from soyoil on the Chicago Board of Trade provided support for canola prices. The January soyoil contract was up by about one third of a cent at 8:35 CST.
A relatively stronger Canadian dollar tempered further gains for canola. The dollar was around 75.46 U.S. cents on Monday morning.
About 2,400 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric ton at 8:35 CST:
Price Change
Canola Jan 459.60 up 1.50
Mar 468.50 up 1.50
May 475.90 up 1.50
Jul 481.40 up 1.40
