By Glen Hallick, MarketsFarm
WINNIPEG, May 5 (MarketsFarm) – ICE Futures canola contracts were slightly higher on Tuesday, getting support from Chicago soyoil. In turn, soyoil was up as “energy prices are ripping it higher today,” said a Winnipeg-based trader.
There was also support from stronger European rapeseed, but Malaysian palm oil was lower.
The trader said activity over the next few days could be choppy in the lead up to the Statistics Canada crop area report on May 7.
The trader noted the federal government had just announced a C$252 billion aid package for Canadian agriculture and the food industry. He wasn’t sure if any of that funding would make it way to grain farmers.
The Canadian dollar was higher at 71.24 U.S. cents, compared to Monday’s close of 71.00.
Approximately 8,200 canola contracts were traded as of 10:38 CDT.
Prices in Canadian dollars per metric tonne at 10:38 CDT:
Price Change
Canola Jul 464.60 up 1.00
Nov 471.40 up 0.50
Jan 477.60 up 0.80
Mar 483.70 up 1.20
