By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sep. 12 (MarketsFarm) – The ICE Futures canola market was stronger Monday morning, seeing a continued recovery off the eight-month lows hit last week.
Gains in Chicago soyoil, European rapeseed and Malaysian palm oil futures all provided spillover support for the Canadian oilseed.
The United States Department of Agriculture releases its monthly supply/demand report later in the day, with any surprises in the data likely to set the tone for the agricultural futures for the remainder of the session.
Statistics Canada’s updated production estimates will be out on Wednesday.
The Canadian dollar was firmer in early activity, moving back above 77 U.S. cents.
About 4,700 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Canola Nov 782.30 up 11.10
Jan 790.10 up 10.80
Mar 797.20 up 10.90
May 801.00 up 12.80
