By Glen Hallick, MarketsFarm
WINNIPEG, June 27 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were higher at midday Monday, gleaning support from gains in the Chicago soy complex.
Pressure from losses in European rapeseed and the overnight session of Malaysian palm oil were “the flies in the ointment”, said an analyst. However, modest upticks in global crude oil prices underpinned vegetable oils.
While scattered showers are forecast for the northern half of the Prairies, the entire region is expected to see moderate temperatures for most of this week. The absence of major weather concerns applied some pressure on canola.
Alberta reported on Friday that its crops were 78 per cent good to excellent province-wide, with canola at 73 per cent and wheat at 84.
The Canadian dollar was pushing upward with the loonie at 77.68 U.S. cents, compared to Friday’s close of 77.32.
Approximately 12,800 canola contracts were traded as of 10:31 CDT.
Prices in Canadian dollars per metric tonne at 10:31 CDT:
Price Change
Canola Jul 888.40 up 5.90
Nov 878.20 up 8.00
Jan 883.60 up 7.40
Mar 892.80 up 11.00
