By Glen Hallick, MarketsFarm
WINNIPEG, May 9 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were lower midday Monday.
Weakness in global crude oil prices weighed on edible oil values. That generated sharp declines in the Chicago soy complex, but Malaysian palm oil and European rapeseed remained on the plus side.
A general sell-off in the North American stock market added further pressure to the commodities, according to an analyst.
The Canadian Prairies received some rain over the weekend and are forecast to get more during the week. That will likely further delay the start of spring planting in the eastern half of the region.
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The western portion will press ahead with seeding, with Friday’s Alberta crop report showing about 12 per cent of the intended acres already planted. The largest completed chunk was in the southern region, where the pace was at 36.5 per cent in the ground.
The Canadian dollar continued to lose ground to a stronger United States dollar. The loonie dropped back to 77.06 U.S. cents, compared to Friday’s close of 77.63.
Approximately 6,400 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola Jul 1,148.10 dn 9.50
Nov 1,066.50 dn 15.20
Jan 1,073.20 dn 11.70
Jan 1,081.10 dn 1.40
