By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were pulling back on Monday morning, due to weakness in comparable oils.
The Chicago soy complex, European rapeseed and Malaysian palm oil were lower this morning, along with a sharp downturn in global crude oil prices.
Temperatures on the Prairies began turning colder over the weekend, with snow forecast to fall across the region during the week.
The Grain Services Union suspended its strike action on Friday afternoon, shortly after its member were scheduled to walk the picket lines. The GSU opted to have its Locals 1 and 2 vote on the latest offer from Viterra.
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The Canadian Grain Commission reported on Friday that producer deliveries for Weeks 21 and 22 of the marketing year amounted to 344,900 tonnes and down from the previous week. Total canola exports dropped to 82,500 tonnes and domestic usage, while domestic usage improved to 283,200 tonnes.
The United States Department of Agriculture is set to publish its next supply and demand report on Jan. 12. Positioning ahead of the report will likely to be a feature this week, with spillover affecting canola.
The Canadian dollar was lower on Monday morning with the loonie at 74.68 U.S. cents, compared to Friday’s close of 74.92.
Approximately 6,850 contracts had traded by 8:36 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 613.80 dn 5.10 May 621.40 dn 5.40 Jul 627.20 dn 5.90 Nov 626.60 dn 6.10
