ICE Canada Morning Comment: Canola nudges up, wary of soy losses
Support coming from rapeseed, palm oil
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were slightly higher Monday morning, getting spillover from increases in European rapeseed and Malaysian palm oil. However, declines the Chicago soy complex tempered further upticks in canola.
Crude oil was on the rise, lending support to the vegetable oils.
The November canola contract remained above most of its major support levels, only a little behind its 200-day moving average.
Canola crush margins stepped back with the November positions sliding to about C$124 per tonne above the futures.
The Prairies are expected to remain mostly dry during the week with temperatures, depending on where in the region, to be normal to above normal.
Alberta reported on Friday that its harvest was 85 per cent complete overall with the province’s canola at 71 per cent finished.
The Canadian dollar was lower on Monday morning with the loonie at 73.54 U.S. cents compared to Friday’s close of 73.65.
Approximately 9,350 contracts were traded by 8:35 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 627.50 up 2.60 Jan 639.10 up 2.10 Mar 649.60 up 1.80 May 656.20 up 1.70
