By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures continued lower late Tuesday morning, in what an analyst called the “triple whammy” of lower crude oil prices, declines in vegetable oils and good crop ratings in the United States.
There were losses in Chicago soybeans and especially soyoil, while soymeal nudged up slightly. European rapeseed and Malaysian palm oil were also to the downside, while crude oil was pulled back moderately.
Also, the analyst said the markets are in their summer doldrums, unlikely to snap out of it until around Labour Day. Added to that is favourable weather on the Prairies and the absence of any fresh news that’s headline-grabbing.
The Canadian dollar was weaker at mid-session Tuesday, with the loonie dropping to 72.17 U.S. cents compared to Monday’s close of 72.42.
Approximately 26,700 canola contracts were traded as of 10:47 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 647.30 dn 4.40 Jan 659.60 dn 3.90 Mar 670.20 dn 3.30 May 678.50 dn 3.90
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
