By Glen Hallick, MarketsFarm
WINNIPEG, April 3 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were up sharply on Monday morning due to a spike in global crude oil prices.
The OPEC+ alliance announced this morning they were cutting their oil production by 1.16 million barrels per day starting in May and going throughout the rest of the year.
As the spillover rippled into the vegetable oils Chicago soybeans and soyoil were stronger, but soymeal stepped back a little. There were sharp increases in European rapeseed and Malaysian palm oil. All of this pushed canola upward by double digits.
With that hike in crude oil and a slip in the United States dollar, the Canadian dollar rose above 74 U.S. cents this morning. The loonie climbed to 74.31 U.S. cents compared to Friday’s close of 73.89.
About 8,550 contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change Canola May 786.40 up 18.50 Jul 767.20 up 17.70 Nov 738.30 up 17.20 Jan 739.80 up 15.80
