By Marlo Glass, MarketsFarm
WINNIPEG, Jan. 4 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Monday morning, during the first trading session of 2021.
Nearby Chicago soyoil contrast showed considerable gains this morning, providing spillover strength to canola. Dry growing conditions in Argentina have raised concerns regarding crop production. Additionally, negotiations between Argentina’s grain inspectors and dock workers have started again, after previous agreements collapsed over the weekend.
Strength in the Canadian dollar prevented further gains for canola. The dollar was around 78.7 United States cents in early morning trade.
About 8,000 canola contracts had traded as of 8:45 CST.
Prices in Canadian dollars per metric ton at 8:45 CST:
Price Change
Canola Mar 646.10 up 9.20
May 633.80 up 8.10
Jul 620.00 up 7.50
Nov 544.60 up 3.80
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