By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 27 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures turned mixed on Monday morning, with the largest gains in the immediate March contract.
Support for canola came from upticks in the Chicago soy complex, European rapeseed and Malaysian palm oil. There were small losses in global crude oil prices which put a little bit of pressure on vegetable oils.
Strong crush margins continued to underpin canola values. The Canadian Grain Commission reported that domestic use of canola, at nearly 5.6 million tonnes so far for 2022/23, is about 9.75 per cent ahead of this time last year.
Improved temperatures across the Prairies could generate an upswing in canola deliveries before road restrictions are put in place by each of the provinces.
First notice for March grain deliveries is Tuesday.
The Canadian dollar was higher with the loonie rising to 73.67 U.S. cents compared to Friday’s close of 73.41.
About 4,900 contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric tonne at 8:26 CST:
Price Change Canola Mar 845.50 up 11.10 May 820.10 up 0.40 Jul 815.40 dn 1.00 Nov 792.40 dn 2.10
