By Glen Hallick, MarketsFarm
WINNIPEG, May 17 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed on Monday morning with sharp gains in the old crop July contract and declines in the immediate new crop positions.
There was spillover strength coming from higher values in the Chicago soy complex. However, there were losses in European rapeseed and Malaysian palm oil.
Rain is in the five-day forecast for the south-central and southeastern regions of Saskatchewan, with expectations of 25 to 50 millimeters. While the precipitation will exceedingly beneficial to struggling crops, it will still fall well short of rectifying the dry conditions.
The Canadian dollar was relatively steady with the loonie at 82.60 U.S. cents, compared to Friday’s close of 82.58.
About 3,450 canola contracts had traded as of 8:36 CDT, with the good majority of it in the November contract.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Canola Jul 888.20 up 16.40
Nov 734.40 dn 7.80
Jan 724.30 dn 9.50
Mar 717.40 dn 3.90
Futures Prices as of May 17, 2021
Prices are in Canadian dollars per metric ton