By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were attempting a turn around on Monday morning, despite pressure from comparable oils.
Losses in Chicago soybeans and soyoil as well as European rapeseed and Malaysian palm oil weighed on values. Upticks in Chicago soymeal provided a small measure of support and increases in crude oil were spilling over into the oilseeds.
However, the Prairie weather outlook has called for temperatures in the mid to high 20 degrees Celsius this week with precipitation amounting to scattered showers at best.
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A work stoppage on Canada’s two major railways was looming over the grain harvest. The Canadian Industrial Relations Board ruled on Friday that a strike or lockout doesn’t pose a serious threat to public health and safety under the Canadian labour code. That paved the way for a strike or lockout by Aug. 22.
The Canadian dollar was virtually unchanged on Monday morning with the loonie dropping to 72.83 U.S. cents.
Approximately 6,800 contracts had traded by 8:36 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 592.00 dn 0.10 Jan 601.30 unchanged Mar 608.50 up 0.10 May 610.80 dn 2.60
