WINNIPEG – The ICE Futures canola market was mostly weaker at midday Monday to go along with declines in crude oil prices.
One trader commented that macroeconomic events are influencing the behaviours of canola buyers.
“We’re kind of looking at outside influences, (such as) civil unrest in China. They’re also looking at crude oil as well,” the trader said. “There’s a risk-off sentiment in the canola market due to these macro factors…Traders are keeping their hands in their pockets and they’re not making this market go either way.”
Chicago soyoil was only fractionally higher, while European rapeseed was mostly lower. Crude oil was trading less than a United States dollar per barrel lower. Malaysian palm oil was not traded on Monday.
The Canadian dollar was trading more than three-tenths of a U.S. cent lower.
Nearly 26,000 canola contracts were traded as of 10:37 CST.
Price Change
Canola Jan 807.30 dn 5.60
Mar 806.10 up 0.50
May 807.90 dn 1.40
Jul 814.20 dn 0.20
