WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange made double-digit gains Monday morning as a rally in the Chicago soy complex spilled over into the Canadian oilseed.
August Chicago soyoil was up more than one United States cent per pound, while soybeans rose above 30 cents per bushel in the first trading day after Independence Day. European rapeseed and Malaysian palm oil were also higher. Meanwhile, crude oil was steady.
The Prairies will see warmer-than-normal temperatures and clear skies on Monday except for parts of northern Alberta and southern Manitoba. Heavy rains since the start of June and the resulting crop conditions across the Prairies were also supportive for canola futures.
The Canadian dollar was down one-tenth of a U.S. cent compared to Friday's close.
Nearly 25,000 contracts were traded. Prices in Canadian dollars per metric ton as of 8:47 CDT:
Price Change Nov 755.10 up 15.40 Jan 762.30 up 14.50 Mar 766.80 up 12.90 May 768.30 up 12.10Source: Commodity News Service Canada, news@marketsfarm.com