By Glen Hallick, MarketsFarm
WINNIPEG, March 7 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were pushing higher on Monday morning, amid light volumes.
Canola was gleaning support from gains in the Chicago soyoil, as well as sharp upticks in European rapeseed and Malaysian palm oil. However, declines in Chicago soybeans and soymeal weighed on values.
Edible oils were benefitting from more increases in global crude oil prices, due in part to the war in Ukraine. Those rising crude prices will make farmers’ input costs more burdensome.
The Unites States markets, as well as canola, will be positioning ahead of the next supply and demand estimates on Wednesday.
The Canadian dollar was virtually unchanged on Monday morning with the loonie at 78.42 U.S. cents, compared to Friday’s close of 78.43.
About 2,300 canola contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric tonne at 8:40 CST:
Price Change
Canola May 1,084.60 up 9.80
Jul 1,058.90 up 7.30
Nov 898.30 up 3.30
Jan 897.70 up 4.40
