By Glen Hallick, MarketsFarm
WINNIPEG, May 4 (MarketsFarm) – After taking a hit on Monday, Intercontinental Exchange (ICE) canola futures were higher in the most actively traded months on Tuesday morning, benefitting from gains in other edible oils.
Support also came from tight supply concerns and dry conditions on the Prairies. The situation was further compounded by below normal temperatures, which limited the growth of any newly planted crops.
This week will mark the first of 2021 in which all three Prairie Provinces begin to issue their weekly crop reports. Manitoba began last week with its next report due late this afternoon, followed by Saskatchewan on Thursday and Alberta on Friday. Ontario also has been issuing weekly crop reports on Thursdays.
After dipping below 81 U.S. cents earlier this morning, the Canadian dollar was at 81.20 compared to Monday’s close 81.44.
About 3,650 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Canola Jul 880.80 up 16.80
Nov 719.20 up 9.10
Jan 714.00 up 8.90
Mar 708.00 up 8.20