By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 8 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Monday morning, gleaning support from other edible oils.
Chicago soyoil was stronger by about a half cent per pound, and there were gains in European rapeseed as well as Malaysian palm oil.
The cold snap across the Prairies is expected to last until the end of February. With the frigid temperatures there will be little chance for significant amounts of precipitation.
The Canadian dollar was relatively steady at 78.34 compared to Friday’s close of 78.27.
About 2,900 canola contracts had traded as of 8:38 CST.
Prices in Canadian dollars per metric tonne at 8:38 CST:
Price Change
Canola Mar 697.50 up 5.60
May 681.60 up 7.10
Jul 657.10 up 3.20
Nov 563.70 up 4.40
