By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were higher at midsession Monday, but with subdued volumes of trading due to Memorial Day in the United States.
“It’s going to be a blah trading day until we get the U.S. markets back open,” an analyst commented, adding there’s “really no headline news” for canola to trade on.
The Chicago Board of Trade and other markets are scheduled to resume trading this evening.
Meanwhile, European rapeseed was pulling back while Malaysian palm oil turned around to push higher in its overnight session. Global crude oil prices edged up, providing some spillover support to the oilseeds.
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The November canola contract remained above its 200-day moving average, which underpinned values.
The Prairies have been forecast to see very little rain today, but that is to change as the week progresses depending on the area of the region. The central and northern parts of Alberta are expected to get rain no later than midweek.
The Canadian dollar was higher on late Monday morning with the loonie at 73.34 U.S. cents compared to Friday’s close of 73.14.
Approximately 5,650 canola contracts were traded as of 10:25 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Jul 669.50 up 2.80 Nov 690.10 up 3.00 Jan 698.10 up 3.50 Mar 704.80 up 3.20
