By Glen Hallick, MarketsFarm
WINNIPEG, March 6 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher at midsession on Monday, in light of a mixed market in comparable oils.
“There’s not a lot of joy in the veg oils today,” an analyst commented.
Losses in Chicago soyoil, European rapeseed and Malaysian palm oil weighed on canola values. Small decreases in global crude oil prices applied a little bit of pressure on the veg oils.
There was support for canola coming from strong upticks in Chicago soybeans and soymeal.
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The analyst noted the second half of March will very likely experience above normal temperatures across the Prairies. He said that could generate more snowfall in parts of the region. Large tracts of the Prairies have a lack of sufficient snow cover this winter.
The Canadian dollar was virtually unchanged on Monday with the loonie at 73.45 U.S. cents, compared to Friday’s close of 73.44.
Trading in the March contract is set to wrap up on March 14. Already the open interest in the March was below 3,300.
Approximately 9,800 canola contracts were traded as of 10:32 CST.
Prices in Canadian dollars per metric tonne at 10:32 CST:
Price Change Canola May 823.00 up 0.50 Jul 817.70 dn 0.20 Nov 791.70 up 0.40 Jan 797.00 up 1.20
