ICE Canola Midday: Adding on to gains
U.S. markets close for Memorial Day
By Glen Hallick
Glacier Farm Media| MarketsFarm – Intercontinental Exchange canola futures continued higher late Monday morning, extending the gains made on Friday.
However, activity is light given the United States markets are closed for Memorial Day. Trading is set to resume this evening at 7 CDT.
An analyst said canola is up today for no apparent reason but noted there is trouble on the horizon.
“I’m really getting concerned about the dryness on the Prairies,” he said, pointing to a lack of rain in this week’s forecast as temperatures push into the low 30 degrees Celsius range.
The old crop July contract remains above its major moving averages, further underpinning values.
Malaysian palm oil and European rapeseed were mixed, providing little direction to canola. Crude oil was virtually unchanged, also not offering guidance to the vegetable oils.
The Canadian dollar was higher mid-session Monday with the loonie at 72.84 U.S. cents compared to Friday’s close of 72.70.
Approximately 8,650 canola contracts were traded as of 10:34 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Jul 724.30 up 3.50 Nov 691.50 up 3.20 Jan 697.60 up 3.40 Mar 702.60 up 3.10
