WINNIPEG – The ICE Futures canola market took a tumble coming out of the Labour Day weekend, testing the C$800 per tonne resistance level.
Chicago soyoil, European rapeseed and Malaysian palm oil were all lower to begin the week. However, crude oil made gains after Saudi Arabia and Russia announced they were extending their respective supply cuts to the end of 2023.
The Canadian dollar was down three-tenths of a United States cent compared to Friday’s close. The Bank of Canada (BoC) did not publish an exchange rate on Monday due to the Labour Day holiday. The central bank will announce its latest key interest rate hike decision on Wednesday.
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One analyst said that pressure from both harvest and the Chicago soy complex are pulling canola prices down on Tuesday. The analyst also mentioned that canola prices should not be expected to drop lower than the C$780/tonne level.
Temperatures will be in the high-teens to low-20 degrees Celsius across the Prairies with rainfall in Alberta and Manitoba.
About 22,200 contracts had traded at 10:21 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 799.40 dn 12.00
Jan 806.30 dn 12.10
Mar 809.40 dn 12.60
May 809.20 dn 12.80
