By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures were higher on Monday morning, taking their cue from gains in Chicago soybeans and soyoil as well as Malaysian palm oil.
The increases were tempered by losses in MATIF rapeseed and Chicago soymeal, while declines in crude oil weighed on the vegetable oils.
Canola is also getting direction from positioning ahead of today’s supply and demand report from the United States Department of Agriculture.
There’s hope in the market that some movement in Canada’s canola trade with China will be made during Prime Minister Mark Carney’s visit that starts tomorrow.
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Glacier FarmMedia -– Canola futures on the Intercontinental Exchange erased earlier gains and ended the session lower on Monday. …
While the March canola contract held above its 20-day moving average, it continued to lag behind its other technical levels.
Canola crush margins increased with the March position up by about C$7 at C$194.55 per tonne above the futures.
The Canadian dollar bumped up on Monday morning, with the loonie at 72.03 U.S. cents compared to Friday’s close of 71.96.
Approximately 10,500 contracts had traded by 8:37 CST and prices in Canadian dollars per metric tonne were:
Price Change
Canola Mar 631.60 up 7.90
May 641.40 up 8.40
Jul 647.20 up 7.20
Nov 642.60 up 5.50
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