By Glen Hallick, MarketsFarm
WINNIPEG, June 26 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stronger on Monday morning as they followed stronger vegetable oils to the upside.
There was spillover from good upticks in the Chicago soy complex, as well as European rapeseed and Malaysian palm oil. Small gains in global crude oil prices were providing a little bit of direction to the veg oils.
The planted acreage reports from Statistics Canada on Wednesday and the United States Department of Agriculture on Friday will feature in trading during the coming days.
Read Also
Global Markets: Chevron secures major win
By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
Canola crush margins were on the rise again, with the November positions pushing towards C$200 above the futures.
Alberta reported on Friday that the province’s crops improved nine points to 50 per cent good to excellent due to timely rainfall. The canola gained 10 points at 49 per cent good to excellent.
The Canadian dollar was pushing higher on Monday morning, with the loonie at 75.92 U.S. cents compared to Friday’s close of 75.76.
About 6,300 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change Canola Jul 747.00 up 13.00 Nov 716.80 up 11.70 Jan 722.60 up 11.80 Mar 722.40 up 9.50
