By Glen Hallick, MarketsFarm
WINNIPEG, July 12 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stronger on Monday morning, already at or near the increased daily limit of C$45 per tonne in the most actively traded months.
Hot temperatures combined with scattered showers at best for most of this week continued to drive prices higher for the Canadian oilseed.
The trade has been speculating that yields will be much lower than the 20 million tonnes previously anticipated. That has led to increased concerns over dwindling supplies, which ending stocks were already projected to be a very tight 750,000 tonnes.
There was some support coming from moderate gains in Chicago soybeans and soyoil, as well as significant upticks in European rapeseed. Chicago soymeal and Malaysian palm oil were lower.
The Canadian dollar was slightly lower this morning, with the loonie at 80.03 U.S. cents compared to Friday’s close of 80.15.
About 5,300 canola contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric tonne at 8:34 CDT:
Price Change
Canola Nov 889.00 up 45.00
Jan 880.90 up 44.60
Mar 869.40 up 45.00
May 848.10 up 44.00
