WINNIPEG – The ICE Futures canola market received plenty of support on Monday morning, setting itself up for a rally to begin the week.
Gains in crude oil spilled over into both canola and Chicago soyoil. Meanwhile, both European rapeseed and Malaysian palm oil had a slightly firmer tone this morning.
The Canadian dollar continued its Friday gains, moving up more than 0.4 of a U.S. cent, putting some pressure on canola prices.
Above-normal temperatures on the eastern Prairies have been putting stress on crops, which is supportive to canola prices. However, rain is in the forecast for today and tomorrow.
About 4,400 canola contracts were traded as of 9:05 a.m. CDT.
Prices in Canadian dollars per metric ton as of 9:05:
Nov. 857.90 up 14.50
Jan. 864.40 up 14.20
Mar. 870.10 up 13.20
May 874.10 up 13.20
