By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 11 (MarketsFarm) – Canola futures on the Intercontinental Exchange were lower on Monday morning, getting pressure from losses in the vegetable oils.
European rapeseed and Malaysian palm oil were to the downside, as was Chicago soyoil. Gains in Chicago soybeans and soymeal helped to temper further declines. Small upticks in global crude oil prices took some of the pressure off of the veg oils.
Harvest progress added more pressure on canola. Alberta reported on Friday afternoon that its overall provincewide harvest reached 35 per cent complete with canola at 10 per cent finished.
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There’s also positioning ahead of two reports this week, with the first being tomorrow’s supply/demand estimates from the United States Department of Agriculture. That will be followed by the second model-based production report from Statistics Canada on Thursday.
The Canadian dollar was on the upswing Monday morning, with the loonie rising to 73.66 U.S. cents compared to Friday’s close of 73.36.
About 5,200 contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change Canola Nov 774.60 dn 5.50 Jan 782.00 dn 6.00 Mar 785.90 dn 5.70 May 786.90 dn 5.00
