By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures are lower on Monday morning, with the most-traded November contract pulling back towards its support level of C$600 per tonne.
Pressure came from sharp losses in the Chicago soy complex, along with moderate losses in European rapeseed and Malaysian palm oil. Small upticks in crude oil were trying to put a lid on further declines in the veg oils.
The November canola contract was below its major moving averages, putting more pressure on the oilseed.
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Canola crush margins eased back with the November positions between C$141 to C$144 per tonne above the futures.
The Prairies are expected to be mostly dry today, aside from rain in Manitoba this morning, with temperatures in the mid-20-degree Celsius range.
Alberta reported on Friday that while its crops are 74 per cent good to excellent, the province’s canola was at 67 per cent.
The Canadian dollar was lower on Monday morning, with the loonie slipping to 73.28 U.S. cents compared to Friday’s close of 73.38.
Approximately 9,650 contracts had traded by 8:37 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 607.00 dn 11.70 Jan 616.60 dn 11.50 Mar 624.60 dn 11.50 May 632.90 dn 9.50
