Glacier FarmMedia — Canola futures on the Intercontinental Exchange were higher on Monday, deriving strength from crude oil, while the November canola contract hovered near its 20-day moving average.
Crude oil made gains after Ukraine attacked Russian energy infrastructure on Monday morning. Chicago soyoil and Malaysian palm oil were lower, but European rapeseed was higher.
Alberta and Saskatchewan will see dry conditions and warmer-than-normal temperatures over the next few days. Manitoba will also be dry though temperatures will be closer to normal.
An analyst said canola’s gains are coming from tight old crop carryout. However, he warned that weather conditions optimal for harvest progress and the widening November/January spread are both bearish signals.
The Canadian dollar was up more than one-tenth of a United States cent compared to Friday’s close.
About 20,900 canola contracts have traded at 10:14 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 669.90 up 3.40
Jan 681.90 up 4.40
Mar 691.90 up 4.90
May 700.20 up 4.90
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
