By Glen Hallick
Glacier Farm Media MarketsFarm – Canola futures on the Intercontinental Exchange were higher Monday morning, as trading resumed following the long weekend.
Canola was getting support from gains in Chicago soybeans and soymeal, as well as Malaysian palm oil. There were losses in Chicago soymeal and the markets in Europe are closed today. Global crude oil prices were relatively steady, providing little direction to the oilseeds.
The Canadian Grain Commission reported producer deliveries of canola for the week ended March 24 came to 507,300 tonnes, slightly lower than the previous week. Canola exports more than doubled to 244,700 tonnes and domestic usage was relatively steady at 189,700 tonnes.
The Canadian dollar was virtually unchanged on Monday morning, with the loonie at 73.82 U.S. cents.
Approximately 9,150 contracts had traded by 8:35 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola May 631.40 up 5.00 Jul 640.30 up 4.20 Nov 649.50 up 4.40 Jan 656.40 up 4.20
