ICE Canola Midday: Prices climbing upward
Higher rapeseed, palm oil lending support
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were higher at mid-session Monday, with mixed support from comparable oils.
“Canola is up for once,” an analyst commented, noting that the oilseed could lose ground.
There were gains in European rapeseed and Malaysian palm oil, with additional support from upticks in Chicago soybeans and soymeal. However, declines in Chicago soyoil tempered further increases. Losses in global crude oil prices added pressure on the vegetable oils.
While rains across the Prairies this week are set to stymie early seeding efforts, the moisture will be welcomed. Temperatures are expected to remain cooler than normal.
The July canola contract moved above its 20-day and 100-day moving averages, which underpinned values.
The Canadian dollar was slightly higher late Monday morning as the loonie bumped up to 73.25 U.S. cents compared to Friday’s close of 73.16.
Approximately 20,100 canola contracts were traded as of 10:21 CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola May 629.40 up 11.70 Jul 641.20 up 6.80 Nov 657.30 up 5.80 Jan 664.70 up 5.20
