By Glen Hallick, MarketsFarm
WINNIPEG, March 21 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures strengthened on Monday morning, gleaning support from upticks in the Chicago soy complex, Malaysian palm oil and European rapeseed.
There were more increases in global crude oil prices, spilling over into edible oils.
The Canadian government said it’s reluctant to introduce back-to-work legislation to end the labour dispute at Canadian Pacific Railway. The company’s rail service in Canada came to a halt yesterday, threatening an already fragile supply chain. The federal government said it wants CP Rail and the Teamsters Canada Rail Conference to work out a deal at the bargaining table.
The Canadian dollar was slightly higher on Monday morning with the loonie at 79.36 U.S. cents, compared to Friday’s close of 79.26.
About 3,250 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Price Change
Canola May 1,138.80 up 14.00
Jul 1,109.60 up 10.80
Nov 942.00 up 9.20
Jan 941.30 up 8.60
