ICE Canola Following Wheat Higher at Midday

WINNIPEG, Manitoba--ICE Futures canola contracts were stronger at midday Monday, seeing a continuation of Friday's gains as a rally in wheat pulled most other grains and oilseeds higher as well.

News over the weekend that India would limit wheat exports caused wheat futures to gap higher. Oilseed markets were also underpinned by gains in crude oil. Chicago Board of Trade soybeans and European rapeseed futures were both stronger, although soyoil retreated from its own earlier gains to turn lower.

Tight old crop supplies and uncertainty over new crop production remained supportive for canola. Seeding remains behind normal in the eastern Canadian Prairies, with more rain in the forecast over the next week.

The Canadian dollar was holding near unchanged at midday, providing little direction.

About 6,100 canola contracts traded as of 11:43 EDT.

Prices in Canadian dollars per metric ton at 11:43 EDT:

 
                  Price     Change 
Canola   Jul   1,192.10   up 11.10 
         Nov   1,107.00    up 7.40 
         Jan   1,110.20    up 7.30 
         Mar   1,107.00    up 6.90 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

05-16-22 1214ET