By Glen Hallick, MarketsFarm
WINNIPEG, March 8 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Monday morning.
Declining supplies have continued to underpin prices as commercials attempted to secure as much of the remaining canola in farmers’ bins as possible. Earlier in the session the May contract reached C$800 per tonne before easing back.
With the United States Department of Agriculture (USDA) scheduled to release its next supply and demand report on Tuesday, positioning was expected in the U.S. markets today. In turn, notable increases in the Chicago soy complex were spilling over into canola values.
Additional support came from gains in European rapeseed and Malaysian palm oil.
The Canadian dollar was virtually unchanged on Monday morning, with the loonie at 78.91 U.S. cents.
About 4,900 canola contracts had traded as of 8:45 CST.
Prices in Canadian dollars per metric tonne at 8:45 CST:
Canola May 792.30 up 6.50
Jul 751.20 up 5.60
Nov 624.80 up 5.50
Jan 627.70 up 5.60