WINNIPEG, Manitoba--Intercontinental Exchange canola futures saw gains in the old crop months on Monday morning, building on the increases from the overnight session. However, the lightly-traded new crop positions were narrowly mixed.
Support was coming from significant upticks in the Chicago soy complex and Malaysian palm oil, as well as more moderate gains in European rapeseed. Increases in global crude oil prices lent support to edible oils.
Domestically, tight supplies and price rationing continued to underpin canola values. Internationally, ongoing downward revisions to this year's soybean production in Brazil and Indonesia cutting its palm oil exports were helping to fuel the rise in veg oils.
The markets in China will be closed until Feb. 7 as the country marks the Lunar New Year. Any reduced trading volumes during that time could lead to volatility.
The Canadian dollar was higher on Monday morning, with the loonie at 78.45 U.S. cents, compared to Friday's close of 78.30.
About 4,900 canola contracts had traded as of 9:37 EST.
Prices in Canadian dollars per metric ton at 9:37 EST:
Price Change
Canola Mar 1,030.30 up 12.70
May 1,013.90 up 13.50
Jul 980.30 up 6.80
Nov 836.50 up 0.30
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-31-22 1013ET
