WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were on the rise Monday morning, in light of mixed support from comparable oils.
There were upticks in Chicago soyoil and European rapeseed, while Malaysian palm oil was relatively steady. Losses in crude oil prices limited the increases in the oilseeds. Additional pressure came from declines in Chicago soybeans and soymeal.
The Prairies are expected to see rain across parts of the region Monday, with temperatures climbing to mid to high teens.
Agriculture and Agri-Food Canada released its monthly report Friday, with no changes to its canola projections. Despite sluggish exports during 2023/24, AAFC maintained its forecast for seven million tonnes. One analyst commented those exports might make six million tonnes at best.
The Canadian dollar was virtually unchanged Monday morning, with the loonie at 72.76 U.S. cents.
About 9,050 contracts had traded by 9:35 a.m. ET and prices in Canadian dollars per metric tonne were:
Canola
Price Change
May 614.40 up 4.60
Jul 626.90 up 4.10
Nov 641.50 up 3.00
Jan 651.40 up 5.60 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-22-24 1004ET
