By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 6 (MarketsFarm) – Intercontinental Exchange canola futures started the new week on a higher note Monday morning as the January contract attempted to climb above C$700 per tonne.
Canola was gleaning support from increases in Chicago soybeans and soyoil, but soymeal was narrowly mixed. There were slight gains in Malaysian palm oil, while European rapeseed was steady to lower. Upticks in global crude oil prices were spilling over into the vegetable oils.
Although crush margins slipped back a little, they remained quite strong, with crushers firmly on the buy side.
The Canadian dollar edged higher Monday morning with the loonie at 73.17 U.S. cents compared to Friday’s close of 73.08.
About 9,000 contracts had traded as of 8:38 CST.
Prices in Canadian dollars per metric tonne at 8:38 CST:
Price Change Canola Jan 698.80 up 6.50 Mar 706.40 up 5.20 May 711.20 up 4.50 Jul 715.70 up 3.40
