By Glen Hallick, MarketsFarm
WINNIPEG, May 19 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were mixed on Tuesday morning as trading resumed after the Canadian markets were closed yesterday for Victoria Day.
Canola was getting a little bit of support from Chicago soyoil and Malaysian palm oil, while European rapeseed was lower.
Warmer temperatures in Manitoba and Saskatchewan will encourage more harvesting and planting. However, rain has been forecast for southern Alberta with most of the province getting precipitation during the next few days.
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Planting in Alberta is close to 21 per cent complete, but that’s about 10 points behind the five-year average. Of the crops left to overwinter in the province, less than 14 per cent remains to be harvested.
The Canadian Grain Commission reported last week producer deliveries were almost 370,000 tonnes of canola for the week ending May 10. That’s a drop of more than seven per cent from the previous week. Canola exports were nearly 139,000 tonnes and domestic usage was 237,000 tonnes.
The Canadian dollar was higher Tuesday morning at 71.89 U.S. cents, compared to Friday’s close of 70.95.
About 4,500 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric tonne at 8:41 CDT:
Price Change
Canola Jul 471.20 dn 0.20
Nov 479.00 up 0.40
Jan 485.50 up 0.80
Mar 491.60 up 1.20
