By Glen Hallick, MarketsFarm
WINNIPEG, May 11 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures continued to retreat on Tuesday morning following yesterday’s sharp declines. Although prices were recovering from their overnight lows.
The daily limit for canola was increased by ICE from C$30 per tonne to C$45.
Continuing dry conditions and warmer temperatures will help speed up the pace of planting across the Prairies. However, good rains will soon be needed, especially for the eastern half of the region.
Chicago soyoil and other edible oils were narrowly mixed.
Also, there will be positioning ahead of tomorrow’s monthly supply and demand estimates from the United States Department of Agriculture (USDA). The May report is to include the department’s first official projections for the 2021/22 crop year.
The Canadian dollar was slightly lower with the loonie at 82.57 U.S. cents, compared to Monday’s close of 82.68.
About 9,950 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Price Change
Canola Jul 964.00 dn 11.90
Nov 727.20 dn 6.70
Jan 716.50 dn 10.00
Mar 703.50 dn 14.10
