By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were lower on Monday morning, lacking support to climb upward.
Chicago soybeans were very narrowly mixed while there were small upticks in soyoil, and soymeal was lower. Declines in European rapeseed and Malaysian palm oil put additional pressure on canola. However, global crude oil prices were beginning to improve.
Canola crush margins continued to recede with the old crop positions sliding below C$170 per tonne above the futures.
Agriculture and Agri-Food Canada is scheduled to release its first supply and demand report of 2024 this week.
The Canadian dollar edged up on Monday morning with the loonie at 74.40 U.S. cents, compared to Friday’s close of 74.28.
Approximately 6,590 contracts had traded by 8:35 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 623.40 dn 4.90 May 629.60 dn 5.30 Jul 634.40 dn 4.90 Nov 632.20 dn 4.00
