By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 22 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were on the rise at midday Monday, despite pressure from declines in key comparable oils.
Global crude oil prices were backtracking, which weighed on vegetable oils. In turn that was generating losses in Chicago soyoil and in the off session of Malaysian palm oil. However, support was derived from double-digits increases in Chicago soybeans and soymeal, with more moderate upticks in European rapeseed.
An analyst commented the canola-rapeseed spread now has the Canadian oilseed at a premium, which is very likely to curtail canola exports to Europe. That said, the analyst said canola oil exports across the Atlantic could increase. He also noted that trading in Europe has returned to normal following the end of the vacation season.
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The Prairies could see some rain during the first half of the week, followed by dry weather for the remainder of the week and through the weekend.
The Canadian dollar was lower with the loonie at 76.68 U.S. cents, compared to Friday’s close of 76.98.
Approximately 13,300 canola contracts were traded as of 10:18 CDT.
Prices in Canadian dollars per metric tonne at 10:18 CDT:
Price Change
Canola Nov 831.10 up 12.70
Jan 838.30 up 11.40
Mar 845.90 up 13.10
May 843.50 up 8.10
