By Glen Hallick, MarketsFarm
WINNIPEG, March 20 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures continued to fall back on Monday morning due to uncertainty in the global banking system.
The recent failures of two United States banks and the near collapse of Credit Suisse has shaken up the world markets, even with Swiss bank UBS now acquiring the latter.
There was added pressure on canola from declines in the Chicago soy complex, European rapeseed and Malaysian palm oil. Small decreases in global crude prices also weighed on the vegetable oils.
Crush margins remained strong which underpinned canola values. Also, figures for Canadian canola exports and domestic use continued to be well ahead of from those a year ago.
The Canadian dollar was higher with the loonie at 73.07 U.S. cents compared to Friday’s close of 72.81.
About 8,550 contracts had traded as of 8:33 CDT.
Prices in Canadian dollars per metric tonne at 8:33 CDT:
Price Change Canola May 743.90 dn 7.70 Jul 736.60 dn 8.50 Nov 714.60 dn 12.10 Jan 719.50 dn 11.50
