By Glen Hallick, MarketsFarm
WINNIPEG, July 20 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher on Monday morning, getting strong support from Chicago soyoil.
There was also support from Malaysian palm oil, but European rapeseed was slightly lower.
The Canadian dollar was slightly higher at 73.77 U.S. cents, compared to Friday’s close of 73.67.
Agriculture and Agri-Food Canada (AAFC) issued it latest supply and demand report on Friday afternoon. The report lowered the 2019/20 carryout for canola by 100,000 tonnes at 2.5 million. The 2020/21 canola carryout was increased by 50,000 tonnes at 2.35 million.
Alberta released its latest crop report on Friday, with all crops rated at 77.6 per cent good to excellent (G-E) as of July 14. However, in the northwest, crops were 33.5 per cent G-E. Canola province-wide was 72 per cent G-E, but only 27.1 per cent in the northwest.
About 4,200 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Price Change
Canola Nov 485.50 up 2.00
Jan 492.70 up 1.90
Mar 498.10 up 1.80
May 501.00 up 1.20
