By Glen Hallick, MarketsFarm
WINNIPEG, May 3 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Monday morning, as its rally continues.
Spillover support was coming from strong gains in Chicago soybeans and soymeal. Additional support came from European rapeseed and Malaysian palm oil.
Tight supplies continued to underpin canola values, as were dry conditions across the Prairies. Rain is forecast for parts of Alberta, while Saskatchewan and Manitoba are expected to remain dry.
The Canadian dollar was relatively steady with the loonie at 81.36 U.S. cents, compared to Friday’s close 81.40.
About 5,700 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Canola Jul 875.60 up 6.90
Nov 715.40 up 5.20
Jan 713.10 up 6.40
Mar 705.90 up 2.40
Commodity Future Prices
Prices are in Canadian dollars per metric ton