ICE Canada Morning Comment: Mixed start to week for canola

Source: Canadian Cattlemen

By Glen Hallick, MarketsFarm

WINNIPEG, March 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed on Monday morning, after taking sharp losses by the end of last week.

Chicago soyoil was mixed as well, but there gains in European rapeseed and Malaysian palm oil.

Tight canola supplies in Canada continued to underpin values.

A storm system moving eastward across the Prairies is forecast to drop five to 15 centimeters of snow, although some of the precipitation could be rain or freezing rain. The system will help alleviate the dry conditions across much of the region.

The markets will be positioning ahead of Wednesday’s reports on planting projections and quarterly grain stocks from the United States Department of Agriculture. Canola will react to movements in the Chicago soy complex.

The Canadian dollar was relatively steady, with the loonie at 79.42 U.S. cents, compared to Friday’s close of 79.49.

About 3,200 canola contracts had traded as of 8:36 CDT.

Prices in Canadian dollars per metric tonne at 8:36 CDT:

Price Change
Canola May 749.60 dn 2.00
Jul 707.80 up 1.30
Nov 603.30 dn 0.50
Jan 609.90 up 2.70