By Glen Hallick, MarketsFarm
WINNIPEG, May 5 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed on Tuesday morning, with a big gain in the old crop July contract, while there was volatility in the new crop positions.
Of note, ICE raised the daily limit for canola contracts to C$45 per tonne effective today.
There was spillover from more sharp increases in the Chicago soy complex, with additional support from gains in European rapeseed. Meanwhile, Malaysian palm oil incurred small decreases.
Manitoba Agriculture reported yesterday that planting across the province was at 18 per cent complete overall, with oilseeds lagging behind cereals.
The Canadian dollar was regaining lost ground from yesterday, with the loonie at 81.43 U.S. cents compared to Tuesday’s close 81.20.
About 5,750 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric tonne at 8:42 CDT:
Canola Jul 930.70 up 36.70
Nov 729.60 dn 0.90
Jan 726.50 up 1.20
Mar 720.70 up 1.10