By Marlo Glass, MarketsFarm
WINNIPEG, May 5 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher on Tuesday morning amid light trading activity.
Strength in Chicago soyoil contributed to gains for canola. Nearby contracts were up by about a third of a cent due to positive export data.
A stronger tone for the Canadian dollar prevented further gains for canola values. The Canadian dollar was just over 71 U.S. cents on Monday morning.
Statistics Canada will release the principal field crop areas report on May 7, after delaying its original release date to focus on data related to COVID-19.
About 1,500 canola contracts had traded as of 8:30 CDT.
Prices in Canadian dollars per metric ton at 8:30 CDT:
Canola Jul 464.70 up 1.10
Nov 472.10 up 1.20
Jan 478.30 up 1.40
Mar 484.50 up 1.80