By Dave Sims, Commodity News Service Canada
WINNIPEG, April 18 – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CDT on Monday, following gains in the US soy complex and vegetable oil.
Malaysian palm oil rose on the back of improving exports, which buoyed canola.
Dry parts of Western Canada are becoming a concern for farmers which supported the market.
Last week’s numbers from the Canadian government pegged carryout stocks of canola at 1.35 million tonnes, which was less than what many analysts had expected.
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However, the Canadian dollar was higher relative to its US counterpart which made canola less desirable on the international market.
Large global supplies of soybeans cut into the gains.
Losses in crude oil contributed to the declines.
About 15,500 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
Price Change
Canola May 479.00 up 2.90
Jul 484.20 up 2.80
Nov 485.40 up 5.70
Milling Wheat May 237.00 unch
Jul 235.00 unch
Durum May 298.00 unch
Jul 293.00 unch
Barley May 172.00 unch
Jul 174.00 unch
