ICE Canada Morning Comment: Canola getting a good start on Monday
Higher despite pressure from most comparable oils
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were mostly higher on Monday morning despite declines in some comparable oils.
While there were gains in European rapeseed, there were losses in Malaysian palm oil, Chicago soyoil and soymeal but the soybeans were mixed. Crude oil was on the rise, lending support to the vegetable oils.
The July canola contract remained handily above its major moving averages adding to its strength.
Strong exports of canola and domestic use continued to create a tighter supply situation, further underpinning the oilseed.
The Canadian dollar was virtually unchanged on Monday morning, with the loonie at 71.96 U.S. cents.
Approximately 13,450 contracts were traded by 8:35 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola May 664.10 up 3.40 Jul 672.50 up 3.70 Nov 645.10 up 2.30 Jan 652.20 up 2.20
