By Glen Hallick, MarketsFarm
WINNIPEG, April 10 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher at midsession on Monday, as trading resumed following the Easter holiday. The only contracts falling back were the sparsely traded deferred positions in 2024.
An analyst commented there are still a large number of short positions to be dealt with in the nearby May contract.
The analyst also said precipitation is in the forecast later this week for much of the western Prairies. However, spring planting in southern parts of Alberta and Saskatchewan are expected to begin either this week or next. Seeding across the rest of the Prairies is approximately a month away from starting.
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Support for canola was coming from modest upticks in the Chicago soy complex. Malaysian palm oil was mixed, and trading in European rapeseed was closed for Easter Monday. Global crude oil prices were easing back, putting a little bit of pressure on the vegetable oils.
The commodities on the Chicago Board of Trade (CBOT) were positioning ahead of tomorrow’s supply and demand estimates from the United States Department of Agriculture (USDA).
With an upswing in the U.S. dollar, the Canadian dollar was backtracking on Monday. The loonie slipped back to 73.90 U.S. cents, compared to Thursday’s close of 74.19.
Approximately 13,000 canola contracts were traded as of 10:22 CDT.
Prices in Canadian dollars per metric tonne at 10:22 CDT:
Price Change Canola May 777.10 up 5.70 Jul 754.40 up 6.40 Nov 719.70 up 4.60 Jan 723.50 up 5.20
