By Marlo Glass, MarketsFarm
WINNIPEG, Aug. 26 (MarketsFarm) – The ICE Futures canola market was stronger on Monday morning, riding the coattails of overnight trading activity.
Canola prices received spillover support from other oilseeds, as Malaysian palm oil and European rapeseed are stronger today, as are soybeans on the Chicago Board of Trade.
Later-than-usual crop development and continued concerns of frost across the Canadian Prairies have kept a weather premium in the market, bolstering canola values.
The Canadian dollar remained around 75 cents compared to its U.S. counterpart, which kept a lid on canola prices.
About 2,600 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Nov 451.50 up 0.90
Jan 458.40 up 0.70
Mar 465.70 up 0.80
May 472.80 up 1.80
ICE canola starts the week stronger
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