Glacier FarmMedia – Canola futures on the Intercontinental Exchange continued their downturn on Monday with the November contract falling to a six-month low.
Harvest pressure and China’s tariffs on Canadian canola weighed on prices.
The Chicago soy complex was down sharply with soyoil losing nearly one United States cent per pound due to favourable Midwestern weather and no progress in trade between the United States and China.
European rapeseed and Malaysian palm oil also declined. Crude oil dropped as oversupply concerns outweighed political tensions in Eastern Europe and the Middle East.
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ICE canola weaker at midday Monday
Glacier FarmMedia — The ICE Futures canola market was weaker at midday Monday, with losses in the Chicago soy complex…
On the first day of fall, the Prairies will see high temperatures in the low- to mid-20 degrees Celsius. Clear skies are expected with the exceptions of Saskatoon and Lethbridge.
The Canadian dollar was down less than one-tenth of a U.S. cent compared to Friday’s close.
Nearly 17,400 contracts were traded. Prices in Canadian dollars per metric ton as of 8:40 CDT:
Nov 609.60 dn 9.00
Jan 622.50 dn 9.00
Mar 633.70 dn 9.20
May 644.20 dn 8.60
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
