By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 22 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were slightly higher on Monday morning. Support came from gains in the Chicago soy complex, along with European rapeseed. Declines Malaysian palm oil weighed on values.
Tight supplies, price rationing and a lackluster harvest underpinned canola prices, but the Canadian oilseed appeared to be overbought.
Agriculture and Agri-Food Canada issued its monthly supply and demand report late Friday afternoon, with very few changes from the department’s October estimates. Canola exports and domestic use were among the few changes, with exports down one million tonnes at 5.5 million and domestic use up one million tonnes at 8.7 million.
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As the United States dollar gains strength, the Canadian dollar continued lower. The loonie was at 78.92 U.S. cents compared to Friday’s close of 79.12.
About 3,800 canola contracts had traded as of 8:39 CST.
Prices in Canadian dollars per metric tonne at 8:39 CST:
Price Change
Canola Jan 1,007.00 up 1.40
Mar 984.30 up 2.80
May 952.00 up 1.50
Jul 915.90 up 1.20
