By Glen Hallick, MarketsFarm
WINNIPEG, May 18 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher on Tuesday morning, with the July contract reaching its daily limit of C$45 per tonne during the overnight session. The new crop months were mixed, with gains in the nearby positions.
There was good spillover support from increases in the Chicago soy complex, as well as Malaysian palm oil and European rapeseed.
Tight supplies also underpinned old and new crop canola values.
The weather forecast calling for varying amounts of rain over the next five days across Prairies tempered those gains, and contributed to the declines in the more deferred new crop positions.
A stronger Canadian dollar weighed on canola values. The loonie was at 83.08 U.S. cents, compared to Monday’s close of 82.77.
About 3,750 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Canola Jul 961.80 up 45.00
Nov 744.80 up 10.10
Jan 735.00 up 7.10
Mar 714.10 dn 3.10