By Glen Hallick, MarketsFarm
WINNIPEG, June 5 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures are higher on Monday morning, getting support from some of the comparable oils.
There were strong upswings in Malaysian palm oil and more modest gains in European rapeseed. While Chicago soyoil eased back a little, there were increases in soybeans and soymeal. Higher crude oil prices were lending support to the vegetable oils.
New crop crush margins advanced over the last week, further underpinning canola values.
Spring planting on the Prairies has finished or is close to it. Alberta reported on Friday that seeding there was 97 per cent done with crops 76 per cent emerged.
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Heat warnings were issued for parts of the eastern Prairies and there are chances for scattered thunderstorm later today. The western half of the region is cooler with little chance of rain.
The Canadian dollar was virtually unchanged on Monday morning, with the loonie at 74.45 U.S. cents compared to Friday’s close of 74.43.
About 4,900 contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric tonne at 8:42 CDT:
Price Change Canola Jul 662.70 up 4.70 Nov 638.10 up 0.50 Jan 643.60 up 0.30 Mar 651.40 up 2.30
