By Glen Hallick, MarketsFarm
WINNIPEG, July 11 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were on the rise at midday Monday, getting support from other vegetable oils.
There were strong gains in the Chicago soy complex and more moderate advances in European rapeseed and Malaysian palm oil. However, global crude oil prices were pulling back, tempering further increases in veg oils.
The Alberta Canola Producers Association is said to be investigating reports that canola in parts of the province has not been flowering. The provincial agriculture department has switched to a bi-weekly scheduled for its crop reports, with the next one due this Friday.
The weather outlook for the Prairies this week is mostly hot and dry, but with temperatures climbing towards the low 30 degrees Celsius that could generate thunderstorms.
The Canadian dollar was slightly lower with the loonie at 77.02 U.S. cents, compared to Friday’s close of 77.11.
Approximately 11,800 canola contracts were traded as of 10:42 CDT.
Prices in Canadian dollars per metric tonne at 10:42 CDT:
Price Change
Canola Nov 864.20 up 9.10
Jan 872.10 up 9.90
Mar 880.30 up 11.00
May 880.60 up 5.50
