By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 22 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were mixed on Monday morning, with gains in the old crop months while the new crop months were steady to higher.
Price rationing continues to be a major factor in the increases due to tight canola stocks.
Although canola has been showing independent movement, other edible oils still have some influence. Chicago soyoil and European rapeseed were down, while Malaysian palm oil was higher.
Above normal temperatures across the Prairies will see increased rail movement. However, rain in British Columbia, especially for the Port of Price Rupert, will cause delays in ship loading.
Statistics Canada released its latest report on producer deliveries of major grains this morning. The federal agency said approximately 1.72 million tonnes of canola were delivered last month, compared to nearly 1.62 million tonnes a year ago.
The Canadian dollar was lower with the loonie at 79.13 U.S cents compared to Friday’s close of 79.28.
About 4,300 canola contracts had traded as of 8:39 CST.
Prices in Canadian dollars per metric tonne at 8:39 CST:
Canola May 742.40 up 6.90
Jul 709.10 up 5.40
Nov 590.10 up 0.10
Jan 589.10 dn 1.80
Futures Prices as of February 22, 2021
Prices are in Canadian dollars per metric ton