By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 23 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midday Monday, due to declines in comparable oils.
The most heavily traded January contract broke through its C$700 per tonne support level, to which an analyst commented “that’s not good news.”
Despite rising tensions in the Middle East, global crude oil prices were down modestly, which put pressure on the vegetable oils. Malaysian palm oil fell back as was European rapeseed except for its nearby November contract tacking slightly upward.
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Losses in Chicago soybeans and especially soyoil added to canola’s downturn, while some relief came from upticks in soymeal.
Canola crush margins were relatively stable, with the November and January positions between C$210 to C$240/tonne above futures.
Alberta reported on Friday that its overall harvest was almost 99 per cent complete provincewide, with a tiny amount of canola still in the fields.
The Canadian dollar nudged up by mid-Monday morning with the loonie at 73.08 U.S. cents compared to Friday’s close of 73.02.
Approximately 22,100 canola contracts were traded as of 10:26 CDT.
Prices in Canadian dollars per metric tonne at 10:26 CDT:
Price Change Canola Nov 684.00 dn 10.40 Jan 694.80 dn 9.60 Mar 703.00 dn 9.90 May 707.80 dn 10.60
