By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 14 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher midday Monday, getting a fresh week off to a positive start after Friday’s losses.
“But it’s leaked back since the overnight trade,” an analyst commented.
Canola was moving upward largely on its own, getting some support from modest gains in Chicago soyoil along with more substantial increases in soybeans and soymeal. European rapeseed pulled back and Malaysian palm oil was relatively steady. Slightly lower global crude oil prices was putting some pressure on the vegetable oils.
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With Friday’s supply and demand report from the United States Department of Agriculture having a less than expected impact on the markets, the analyst said the next major report that could have an impact will be the production estimates from Statistics Canada at the end of August. He also noted the markets were paying little attention to the latest developments in the Russia-Ukraine war.
The Canadian dollar was slightly lower at mid-Monday morning, as the loonie dipped to 74.25 U.S. cents compared Friday’s close of 74.39.
Approximately 15,850 canola contracts were traded as of 10:26 CDT.
Prices in Canadian dollars per metric tonne at 10:26 CDT:
Price Change Canola Nov 765.00 up 3.10 Jan 770.50 up 2.80 Mar 773.20 up 2.50 May 773.60 up 3.90
