By Marlo Glass, MarketsFarm
WINNIPEG, Dec. 2 (MarketsFarm) – The ICE Futures canola market was lower at midday on Monday, dragged down by flagging prices for Malaysian palm oil and soybeans on the Chicago Board of Trade.
One Winnipeg-based trader said “the shine has come off of the vegetable oil complex.” Canola prices have been lower in order to remain competitive globally.
A deal for Canadian canola to be imported by China again appears to be as far away as ever. China’s ambassador to Canada, Cong Pequi, has visited Huawei executive Meng Wanzhou, who is currently fighting extradition to the United States for 21 charges of violating sanctions. Cong has called on Canada to release Meng and “correct its mistake.”
The Canadian dollar has remained steady this week at around 75.2 U.S. cents, providing pallid supporting canola values.
About 8,500 canola contracts traded as of 10:30 CST.
Prices in Canadian dollars per metric tonne at 10:30 CST:
Canola Jan 454.90 dn 1.70
Mar 464.00 dn 1.70
May 471.80 dn 2.00
Jul 477.70 dn 1.90