By Glen Hallick, MarketsFarm
WINNIPEG, July 13 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures remained higher on Tuesday morning, but contracts had pulled back somewhat from new highs set during the overnight session. That included the November and January contracts hitting the expanded daily limit of $60 per tonne.
The heat and drought across the Prairies continued place great stress on crops, threatening production estimates. With canola faced with very tight supplies for the foreseeable future, the markets have resorted to price rationing to curb demand.
There was getting additional support from gains in the Chicago soy complex, as well as higher European rapeseed and Malaysian palm oil.
The Canadian dollar was lower this morning, with the loonie at 79.84 U.S. cents compared to Monday’s close of 80.19.
About 16,150 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Price Change
Canola Nov 908.20 up 18.20
Jan 896.00 up 14.70
Mar 883.00 up 13.60
May 855.00 up 5.90
