By Glen Hallick, MarketsFarm
WINNIPEG, April 19 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Monday morning, but with the front months having pulled back from their new contract highs.
Concerns over tight supplies supported old crop values, while gains in the new crop months were underpinned by dry conditions on the Prairies.
In other edible oils, European rapeseed was higher but Chicago soyoil and Malaysian palm oil were lower.
There are expectations of more canola acres being planted this spring than initially anticipated. Futures International has called for 21.8 million acres, which would be five per cent more than in 2020.
The Canadian dollar pushed above 80 U.S. cents as the United States dollar weakened. The loonie at 80.07 compared to Friday’s close of 79.98, which tempered gains in canola.
About 4,000 canola contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric tonne at 8:38 CDT:
Price Change
Canola May 837.80 up 4.40
Jul 777.20 up 7.30
Nov 657.30 up 5.40
Jan 657.30 up 4.60