By Glen Hallick, MarketsFarm
WINNIPEG, April 5 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Monday morning, as trading resumed following the Easter long weekend with light volumes.
Support was coming from strong gains in the Chicago soy complex.
Advances in old crop canola were outpacing those in the new crop months.
Due to a weaker United States dollar, the Canadian dollar was higher and tempering further increases in canola. The loonie climbed to 79.75 U.S. cents, compared to Thursday’s close of 79.59.
The Canadian Grain Commission reported on Thursday that for the week ended March 28 producer deliveries of canola amounted to 383,000 tonnes, down slightly from the previous week. Exports jumped 62 per cent at 209,300 tonnes, and at 245,700 tonnes domestic usage was up almost 19 per cent.
About 2,270 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Price Change
Canola May 750.30 up 9.50
Jul 710.70 up 9.10
Nov 622.80 up 4.90
Jan 623.80 up 3.60
