A surging Canadian dollar Monday helped hammer down canola prices, a rout compounded by sell stops triggered by a temporary reaching of the $380 level in the July ICE Canada Futures contract.July futures closed down $6 per tonne to $382 and November fell $6 to $384.40. Chicago Board of Trade soybeans ended up one penny at $9.61 per bushel while soy oil ended down .05 cents to 38.39 cents per pound. The Canadian dollar ended up nearly two cents higher at 97.42 cents, from 95.80 Friday. Oil rose $1.24 per barrel to $76.35, about 11 percent below levels a week ago.Commodities generally surged around the world Monday as a global rally marked the weekend unveiling of an approximately trillion dollar rescue package for debt-ridden European nations that need to refinance their debt. American equity markets rose about four percent, while some European stock indexes rose around 10 percent in a relief rally.The Reuters-Jeffries commodity index rose about 1.6 percent Monday, after falling about six percent in the previous week.
Surging loonie pressures canola prices downward
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