By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange remained higher late Monday morning, getting support from a sharp upswing in Chicago soyoil.
Those increases were being limited as Malaysian palm oil was relatively steady, MATIF rapeseed mixed, and there were losses in Chicago soybeans and soymeal. Moderate gains in crude oil underpinned the vegetable oils.
An analyst said canola is in a good position ahead of the March futures giving way to the May contract as the primary contract over the next few weeks. The analyst said March could reach C$670 per tonne, with May already above that level.
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“With a reasonable basis attached to it (that’s) a pretty darn good price,” he said.
The United States Department of Agriculture is set to issue its monthly supply and demand report on Tuesday at 11 a.m. CST. The analyst noted this report is quite unlikely to have a major impact on the markets, including canola.
The Canadian dollar was stronger on Monday morning as its U.S. counterpart fell back. The loonie was at 73.69 U.S. cents compared to Friday’s close of 73.27.
Approximately 58,550 canola contracts were traded as of 10:32 am CST, with prices in Canadian dollars per metric tonne:
Canola Mar 665.10 up 4.30
May 675.60 up 4.50
Jul 682.90 up 5.50
Nov 674.10 up 5.50
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/.
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