By Glen Hallick, MarketsFarm
WINNIPEG, May 6 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Wednesday morning, with gains in old crop July far outpacing those for the new crop months.
Canola was getting support from strong gains in the Chicago soy complex as well as Malaysian palm oil, along with moderate increases in European rapeseed.
Concerns over tight canola supplies remained an underpinning factor for old and new crop prices. Dry conditions across the Prairies further compounded the matter.
Statistics Canada is scheduled to release tomorrow its report on grain stocks as of March 31.
After raising canola’s daily limit to C$45 per tonne yesterday, ICE lowered it back to $30 effective today.
A stronger Canadian dollar weighed on canola values. The loonie has climbed to 81.80 U.S. cents compared to Wednesday’s close 81.49.
About 3,950 canola contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric tonne at 8:38 CDT:
Canola Jul 955.10 up 21.60
Nov 747.20 up 6.80
Jan 740.40 up 5.70
Mar 734.40 up 7.10