WINNIPEG, Jan. 17 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Monday morning, with light volumes of trading as the United States markets are closed for Martin Luther King Day. However the thin activity left open the possibility for volatility in today’s session.
Pressure on canola was coming from losses in European rapeseed and Malaysian palm oil. There were small declines in global crude oil prices which weighed on edible oil values.
Argentina and southern Brazil received much needed rain over the weekend, with more in the forecast this week. That precipitation also put pressure on edible oils.
Canola continued to be underpinned by tight supplies, which induced price rationing. That said profit-taking last week brought prices well below C$1,000 per tonne.
The Canadian dollar was slightly higher this morning, with the loonie at 79.82 U.S. cents compared to Friday’s close of 79.71.
About 1,800 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric tonne at 8:35 CST:
Price Change
Canola Mar 976.80 dn 6.10
May 965.70 dn 6.30
Jul 936.40 dn 9.00
Nov 794.80 dn 5.50
