By Marlo Glass, MarketsFarm
WINNIPEG, May 25 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were mixed to start the week, amid light trading activity.
Canola values are supported by forecasts for low ending stocks. Carryover for the 2020/21 marketing year are expected to total 2.3 million tonnes, which is 400,000 tonnes lower than April estimates.
Relative strength in the Canadian dollar tempered gains for canola values. The Canadian dollar was around 71.4 U.S. cents on Monday morning.
The Chicago soy complex didn’t provide any direction to canola prices as United States agriculture markets were closed today for the Memorial Day Holiday.
About 380 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Jul 463.70 up 0.20
Nov 472.50 up 0.10
Jan 478.00 dn 0.90
Mar 489.70 dn 1.50
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