By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 25 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were trading steady to lower Monday morning, as Chicago soyoil and the Canadian dollar played off of each other.
At the Chicago Board of Trade, soyoil was down by more than a third of a United States cent.
However, there was support from the Canadian dollar, which was lower this morning at 75.10 U.S. cents, compared Friday’s close of 75.26.
The strike by 3,200 members of the Teamsters Canada Rail Conference at Canadian National Railway was said to be impeding shipments of canola and other goods. MarketsFarm has reported there’s a growing possibility of federal government intervention in the labour dispute, with back-to-work legislation most likely.
With soybean planting well underway in South America, crop conditions in Brazil and Argentina were reported as favourable. However, there have been concerns of dry conditions in both countries.
About 2,000 canola contracts had traded as of 8:41 CST.
Prices in Canadian dollars per metric ton at 8:41 CST:
Price Change
Canola Jan 463.50 dn 0.80
Mar 472.40 dn 1.00
May 480.10 dn 1.00
Jul 486.70 dn 0.70
