By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 5 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Monday, still benefitting from Friday’s Statistics Canada report which was bullish on canola. Otherwise the market needs fresh news.
Additional support came from increases in Chicago soybeans and soymeal; however losses were mounting in soyoil, applying pressure to the Canadian oilseed. European rapeseed and Malaysian palm oil were moving higher. Global crude oil prices were narrowly mixed, which provided little direction for vegetable oils.
Although canola crush margins were still quite large, they have been pulling back, taking some support away.
The Canadian dollar lower on Monday as the loonie slipped to 73.94 U.S. cents, compared to Friday’s close of 74.25.
Approximately 17,500 canola contracts were traded as of 10:21 CST.
Prices in Canadian dollars per metric tonne at 10:21 CST:
Price Change Canola Jan 854.90 up 5.60 Mar 846.60 up 4.90 May 849.00 up 4.20 Jul 851.40 up 3.10
