By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 27 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher at midday Monday, as they continued to get spillover support from gains in the Chicago soy complex.
There was also support from the front months in European rapeseed, but Malaysian palm oil was slightly lower.
A trader said prices for crude oil and heating oil have hit new contract highs and spillover from those have bolstered biofuel prices.
The trader also noted the Prairie harvest is wrapping up quickly, benefitting from good weather. He said yields have been below average.
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That was reflected in the monthly supply and demand report from Agriculture and Agri-Food Canada (AAFC), which held on to Statistics Canada’s recent call for 12.8 million tonnes of canola produced for 2021/22. AAFC has called for this year’s ending stocks to fall to 500,000 tonnes, thereby heightening an already tight supply situation.
The Canadian dollar was higher, with the loonie at 79.08 U.S. cents compared to Friday’s close of 78.86.
Approximately 12,050 canola contracts were traded as of 10:39 CDT.
Prices in Canadian dollars per metric tonne at 10:39 CDT:
Price Change
Canola Nov 890.10 up 2.20
Jan 881.70 up 3.20
Mar 872.70 up 2.40
May 857.40 up 2.20
