By Glen Hallick, MarketsFarm
WINNIPEG, May 16 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were the rise Monday morning, gleaning support from gains in the Chicago soy complex and European rapeseed. Meanwhile, the markets in Malaysia are closed for a holiday.
There’s some pressure on edible oils from small declines in the global crude oil prices.
Alberta issued its weekly crop report on Friday with spring planting rising to 20 per cent complete as of May 10, two points behind the five-year average. However, dry conditions on much of the western Prairies continued to stymie crop germination.
Any progress in the fields on most of the eastern Prairies remained at a standstill due to wet conditions. More rain for Western Canada along with cooler than normal temperatures highlight this week’s forecast.
The Canadian dollar was higher on Monday morning with the loonie at 77.39 U.S. cents, compared to Friday’s close of 77.20.
About 2,850 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Price Change
Canola Jul 1,204.00 up 23.00
Nov 1,103.90 up 4.30
Jan 1,106.70 up 3.80
Mar 1,102.70 up 2.60
