By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 6 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Tuesday morning, as trading resumed following the Labour Day long weekend.
Declines in Chicago soy complex and European rapeseed weighed on canola values. While there are small gains in the off session of Malaysian palm oil, there were sharper losses in the main session. Global crude oil prices were mixed and not providing a clear direction for vegetable oils.
The weather outlook for the Prairies this week has called for temperatures rising upwards to the low 30 degrees Celsius, with little precipitation.
Statistics Canada is scheduled to release its stocks report on Sept. 7 and its revised production report on Sept. 14.
The Canadian dollar was virtually unchanged on Tuesday morning, with the loonie at 76.19 U.S. cents, compared to Friday’s close of 76.21.
About 8,100 contracts had traded as of 8:33 CDT.
Prices in Canadian dollars per metric tonne at 8:33 CDT:
Price Change
Canola Nov 801.00 dn 16.10
Jan 808.50 dn 16.00
Mar 813.10 dn 17.00
May 816.00 dn 15.60
