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ICE canola futures surge to C$900 record on tight supplies

Published 2021-04-26, 02:57 p/m
© Reuters.

(All figures in Canadian dollars unless noted)

WINNIPEG, Manitoba, April 26 (Reuters) - ICE (NYSE:ICE) canola futures surged to a record high of $900 per tonne on Monday, lifted by concerns about near-term short supplies and by strength in soyoil prices.

* Gains by contracts for delivery after the next harvest lagged, with Statistics Canada expected to forecast increased canola plantings in a report due on Tuesday.

* July canola RSN1 rose $15.80 or 1.9% to $840 per tonne.

* The May contract RSc1 hit a nearby contract record high of $900, trading in limited volume.

* July-November canola spread traded 2,558 times.

* Statistics Canada will issue its planting intentions report on Tuesday morning. Trade expects, on average, Canadian canola plantings of 22.6 million acres, up from 20.8 million a year ago, a Reuters survey found. Chicago Board of Trade soybean futures climbed, with all contract months reaching life of contract highs as global supply tightens, and demand persists. Euronext August rapeseed futures /COMQ1 and Malaysian July palm oil futures /FCPON1 dipped.

* Viterra, Cargill Inc plan Saskatchewan canola-crushing plants. Dockworkers at Port of Montreal, Canada's second-largest port, began their second strike in less than a year, as business leaders urged Ottawa to quickly end the walkout. North America's freight rail customers, from grain shippers to logistics companies, are choosing sides as Canadian Pacific Railway Ltd and Canadian National Railway fight to buy Kansas City Southern (NYSE:KSU).

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