By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 9 (MarketsFarm) – The ICE Futures canola market was mixed Monday morning, with gains in the old crop July contract and losses in the more deferred months.
Losses in Chicago Board of Trade soyoil futures put some spillover pressure on the market. However, European rapeseed was up in overnight activity while Malaysian palm oil was holding relatively steady to start the week.
The tight old crop supply situation remains supportive for canola, with forecasts calling for more seeding-delaying rains in the eastern Prairies also underpinning the futures.
However, the moisture will be good for the crop in the long run, with expectations for improved production in 2022.
About 6,300 canola contracts had traded as of 8:52 CDT.
Prices in Canadian dollars per metric ton at 8:52 CDT:
Price Change
Canola Jul 1,158.70 up 1.10
Nov 1,081.00 dn 0.70
Jan 1,079.60 dn 5.30
Mar 1,081.10 dn 1.40
