By Glen Hallick, MarketsFarm
WINNIPEG, June 28 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly on the rise Monday morning, as hot, dry weather on the Prairies continued to stress crops. There were declines in the soon-to-expire old crop July contract.
For the next several days, temperatures throughout the region will be pushing well above 30 degrees Celsius, approaching 40C at times. Other than some rain for parts of Alberta, the Prairies are to remain dry for the week.
Support came from gains in Chicago soybeans and soyoil, as well as European rapeseed. Meanwhile, Chicago soymeal and Malaysian palm oil were posting small losses.
Read Also
Canadian Financial Close: C$ softens Tuesday
Glacier FarmMedia — The Canadian dollar was slightly weaker on Monday, as the latest inflation data The Canadian dollar settled…
There will be positioning ahead a number of reports, including the projected acreage report from Statistics Canada on Tuesday. MarketsFarm has projected a 3.8 per cent increase in canola acres from the agency’s spring estimate at approximately 22.35 million.
The next day, the United States Department of Agriculture (USDA) is scheduled to issue its projected acres report along with its estimates for grain stocks as of June 1.
The Canadian dollar was lower this morning with the loonie at 81.05 compared to Friday’s close of 81.34.
About 5,750 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric tonne at 8:43 CDT:
Price Change
Canola Jul 787.10 dn 11.80
Nov 768.90 up 29.40
Jan 761.50 up 25.50
Mar 753.50 up 25.50
