By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were higher on Monday morning, taking back Friday’s losses to start the week.
Support for the Canadian oilseed also came from gains in Chicago soybeans and soymeal, while soyoil held firm. Upticks in European rapeseed spilled over into canola, while some of that was taken away by declines in Malaysian palm oil. Global crude oil price nudged up, lending support to the oilseeds.
May canola was a pinch above its 20-day moving average, which contributed to the increases.
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Canola crush margins edged higher with the old crop positions at C$171 to C$173 per tonne above the futures, while new crop is C$155 to C$161.
The trade will be keeping an eye on Wednesday’s interest rate announcement from the Bank of Canada. Expectations are for the central bank to hold its key rate at five percent.
The Canadian dollar was virtually unchanged on Monday morning, with the loonie at 73.71 U.S. cents.
Approximately 7,850 contracts had traded by 8:41 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola May 594.70 up 3.90 Jul 602.20 up 4.00 Nov 609.20 up 3.40 Jan 615.70 up 4.00
