By Glen Hallick, MarketsFarm
WINNIPEG, May 27 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were stronger in early trade Monday morning, in choppy and thin activity.
The commodity markets in the United States are closed for Memorial Day. With that, it’s unlikely that canola traders will get overly aggressive today.
The July contract was up C$1.60 to C$446.00 per tonne. The November contract was up C$1.20 to C$459.10 per tonne.
Limited farmer selling, the possibility of lower soybean yields in the U.S. and dry weather across Western Canada have been supportive of prices.
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Strong competition from soy and palm oils, the prospect of increased soybean acres in the U.S. and continuing tensions between Canada and China have weighed on values.
The federal Minister of Agriculture and Agri-Food, Marie-Claude Bibeau, said during a teleconference on Friday that the department is still working on the details as to when canola growers can apply for increases in the Advanced Payment Program. Once in place, farmers will be able to receive up to C$1 million in advanced payments, with the first C$500,000 interest free.
The Canadian dollar was steady Monday morning at about 74.38 U.S. cents, down from Friday’s close of 74.37.
About 1,300 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric ton at 8:39 CDT:
Price Change
Canola Jul 446.00 up 1.60
Nov 459.10 up 1.20
Jan 463.90 up 0.80
Mar 468.60 up 0.50
