By Glen Hallick, MarketsFarm
WINNIPEG, April 20 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were significantly higher on Tuesday morning, with the most active months experiencing new contract highs.
There were sharp increases in the Chicago soy complex and European rapeseed, along with a modest rise in Malaysian palm oil.
Canola was also getting support from tight old crop supplies and dry conditions on the Prairies.
The trade has been speculating an increase in the amount of canola planted this spring. Statistics Canada is scheduled to release its first survey-based planting projections of 2021 a week from today.
The Canadian dollar was relatively steady with the loonie at 79.83 U.S. cents compared to Monday’s close of 79.88.
About 6,900 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric tonne at 8:41 CDT:
Canola May 851.00 up 18.60
Jul 796.00 up 18.30
Nov 674.10 up 13.50
Jan 672.70 up 12.80
Futures Prices as of April 20, 2021
Prices are in Canadian dollars per metric ton