WINNIPEG – Intercontinental Exchange (ICE) canola futures were slightly lower on Monday morning, due to declines in comparable oils.
Chicago soybeans and soyoil were to the downside, as was European rapeseed. Malaysian palm oil wasn’t trading today.
Growing unrest in China over COVID-19 lockdown measures has spooked the crude oil market, with prices pulling back. That in turn applied pressure on vegetable oils.
Statistics Canada (StatCan) is scheduled to release its production report on Dec. 2. The survey-based data is to show if canola production has moved above or below the 19.1 million tonnes previously estimated.
Also, StatCan issued it’s a report regarding farm cash receipts for January to September 2022. At C$66.7 billion, receipts rose 13.7 per cent from the same period last year.
The Canadian dollar was weaker on Monday morning. The loonie pulled back to 74.28 U.S. cents compared to Friday’s close of 74.76.
About 6,900 contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric tonne at 8:36 CST:
Price Change Canola Jan 810.30 dn 2.60 Mar 803.90 dn 1.70 May 807.70 dn 1.60 Jul 812.60 dn 1.80
