ICE canola futures: Prices stronger Monday morning

By Marlo Glass, MarketsFarm
WINNIPEG, Aug. 31 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were stronger on Monday morning, following estimated crop production numbers from Statistics Canada.
Across Canada, producers are expected to produce 19.4 million tonnes of canola, which is slightly lower than the prior year and on the lower end of market expectations.
Continued strength to the Canadian dollar prevented further gains for canola. The loonie was around 76.5 United States cents this morning due to comparable weakness in the U.S. dollar.
Other vegetable oils were higher to start the day, which also gave canola a boost. Nearby soyoil contracts were up by about half of a cent in early morning trade.
About 6,500 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
                          Price      Change
Canola      Nov 502.40 up 3.30
Jan 510.00 up 2.90
Mar 514.80 up 2.00
May 519.10 up 2.20
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