By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 14 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were slightly lower on Monday morning following overnight increases.
The canola market was closed on Friday for Remembrance Day.
Outside of support from small upticks in Chicago soymeal, pressure on canola was coming from losses in Chicago soybeans and soyoil, as well as European rapeseed and Malaysian palm oil. Small losses in global crude oil prices also weighed on vegetable oils.
As the Prairies move into winter, only light precipitation in expected for most of this week.
The Canadian Grain Commission reported producer deliveries of canola were up nearly eight per cent at 450,100 tonnes as of Nov. 6. Exports jumped 55 per cent at 201,600 tonnes, while domestic usage fell back 17 per cent at 201,600 tonnes.
The Canadian dollar was higher on Monday morning with the loonie at 75.31 U.S. cents, compared to Thursday’s close of 74.75.
About 5,500 contracts had traded as of 8:37 CST.
Prices in Canadian dollars per metric tonne at 8:37 CST:
Price Change
Canola Jan 883.10 dn 0.10
Mar 877.80 dn 0.20
May 879.20 dn 1.50
Jul 880.50 dn 1.90
