By Glen Hallick, MarketsFarm
WINNIPEG, May 15 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Monday morning, receiving support from upticks in the Chicago soy complex.
However, European rapeseed and Malaysian palm oil were lower. Small increases in global crude oil prices lent support to the vegetable oils.
As spring seeding continues across the Prairies, Alberta reported on Friday that farmers there were more than 24 per cent complete, up 22 points from the previous week. However dry conditions particularly on the western half of the Prairies could lead to concerns over crop development. Manitoba is scheduled to release its first crop report of the year on Tuesday.
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The United States Department of Agriculture issued its supply and demand estimates on Friday, which pegged Canadian canola production for 2023/24 at 20.3 million tonnes. Currently, Agriculture and Agri-Food Canada has estimated canola production at 18.5 million tonnes.
The Canadian dollar was higher on Monday morning, with the loonie at 74.05 U.S. cents compared to Friday’s close of 73.89.
About 7,350 contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric tonne at 8:38 CDT:
Price Change Canola Jul 721.80 up 8.70 Nov 698.20 up 7.60 Jan 701.20 up 5.80 Mar 704.20 up 5.20
