By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were modestly higher at midday Monday amid subdued volumes of trading.
The United States markets are closed for the Martin Luther King Jr. holiday and are scheduled to reopen this evening.
Support for canola spilled over from gains in European rapeseed and Malaysian palm oil. Small declines in global crude oil prices put some pressure on vegetable oils.
Continuing frigid temperatures are forecast for the Prairies until the weekend, which will hamper grain movement. Come the weekend, conditions are expected to return to normal for the rest of the month.
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The U.S. Department of Agriculture kept its call on Canadian canola production for 2023/24 at 18.8 million tonnes in its monthly world oilseed report released on Friday. Statistics Canada’s estimate was 18.3 million tonnes. The USDA nudged up projected ending stocks to 1.68 million tonnes. Agriculture and Agri-Food Canada is expected to release its monthly report next week.
The Canadian dollar was lower at mid-Monday morning with the loonie at 74.38 U.S cents, compared to Friday’s close of 74.70.
Approximately 8,300 canola contracts were traded as of 10:26 CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 630.80 up 3.80 May 637.60 up 2.90 Jul 643.00 up 2.30 Nov 640.10 up 1.80
