By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 23 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were stronger on Monday morning hitting new contract highs.
As was the case last week, speculators were adding to their long positions and end-users were bidding up to entice farmers to sell.
Gains in the Chicago soy complex also provided support, while declines in Malaysian palm oil weighed on values. European rapeseed was steady to lower.
Agriculture and Agri-Food Canada released its latest supply and demand estimates on Friday, with few changes from its October report. Canola ending stocks were left at 2.25 million tonnes, with the total wheat carryover at 6.3 million. The AAFC added 200,000 tonnes to corn ending stocks bringing them to 2.5 million tonnes.
The Canadian dollar was virtually unchanged at 76.52 U.S. cents, compared to Friday’s close of 76.51.
About 3,000 canola contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric tonne at 8:40 CST:
Canola Jan 581.30 up 4.80
Mar 577.50 up 4.00
May 572.80 up 2.70
Jul 567.00 up 1.50