By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 24 (MarketsFarm) – ICE Futures canola contracts were higher at midday Monday, getting support from gains in Chicago soyoil and a lower Canadian dollar.
“Crush margins are up a couple of bucks, so that’s where some of the support is coming from,” said a Winnipeg-based trader, noting there also have been “rumblings of [canola] moving into Europe from Canada.”
A little bit of support came from European rapeseed which was steady to higher, but lower Malaysian palm oil weighed on values.
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The COVID-19 pandemic is playing something of a supportive role in canola prices, the trader said. In Manitoba the number of cases has shot up over recent weeks.
“Grain companies and people moving grain are probably watching that very closely,” he commented.
As for the weather, the trader said there had been some areas of the Prairies that received rain over the weekend. However, at this point moisture or dryness isn’t going to affect canola too much as more and more canola is being swathed.
The Canadian dollar pushed towards 76 U.S. cents earlier today, but has pulled back to 75.64. On Friday the loonie closed at 75.73.
Approximately 15,600 canola contracts were traded as of 10:43 CDT.
Prices in Canadian dollars per metric tonne at 10:43 CDT:
Price Change
Canola Nov 489.20 up 2.90
Jan 497.60 up 3.30
May 508.00 up 2.80
