By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were mostly higher Monday morning, with the largest increase in the nearby July contract.
Tightening canola supplies in Canada and the need to ration demand continued to underpin old crop values, with the July contract remaining handily above its major moving averages.
Declines in Malaysian palm oil and European rapeseed, along with Chicago soybeans and soyoil applied pressure on the Canadian oilseed. There were supportive gains in Chicago soymeal. Losses in crude oil weighed on the vegetable oils.
Good weather across the Prairies will spur on spring planting. Alberta and Saskatchewan are expected to issue their first crop reports of 2025 later this week.
The Canadian dollar was relatively steady on Monday morning, with the loonie at 72.42 U.S. cents, compared to Friday’s close of 72.46.
Approximately 10,150 contracts were traded by 8:37 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Jul 711.20 up 3.20 Nov 656.60 dn 0.50 Jan 665.00 up 0.30 Mar 671.90 up 1.00
