By Marlo Glass, MarketsFarm
WINNIPEG, Aug. 24 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were stronger on Monday morning due to strength in comparable vegetable oils.
Chicago soyoil saw gains due to hot weather and a lack of rain in key growing regions of the United States Midwest. European rapeseed was also higher, while Malaysian palm oil posted losses.
Continued strength to the Canadian dollar kept a lid on canola. The loonie was around 76 U.S. cents during early morning trade due to comparable weakness in the greenback.
About 5,000 canola contracts had traded as of 8:50 CDT.
Prices in Canadian dollars per metric ton at 8:50 CDT:
Price Change
Canola Nov 488.40 up 2.10
Jan 496.40 up 2.10
Mar 502.30 up 2.40
May 507.80 up 2.60
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