By Glen Hallick, MarketsFarm
WINNIPEG, June 1 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were significantly higher on Tuesday morning, due to strong gains in the Chicago soy complex.
The United States markets resumed trading overnight following Memorial Day, with notable upticks in corn and wheat as well. There were also gains in European rapeseed, while Malaysian palm oil was mixed.
The Prairies are forecast to see rising temperatures this week, likely pushing above 30 degrees Celsius and with little in the way of precipitation.
A rising Canadian dollar broke through the 83 U.S. cent mark again, with the loonie at 83.11 compared to Monday’s close of 82.84.
About 3,350 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change
Canola Jul 906.50 up 16.50
Nov 737.00 up 21.80
Jan 735.80 up 22.30
Mar 726.70 up 22.20
