By Glen Hallick, MarketsFarm
WINNIPEG, March 28 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were mostly lower at midday Monday, with the old crop contracts narrowly mixed.
The Canadian oilseed was caught up in a tussle between competing influences. Sharp declines in the Chicago soy complex, along with the nearby positions in Malaysian palm oil and European rapeseed weighed on values. However, increases in the deferred contracts of palm oil and rapeseed provided a good measure of support.
With China imposing strict lockdown measures in Shanghai, global crude oil prices tumbled, thereby adding pressure on edible oils.
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The Canadian dollar was lower as the United States dollar hit some of its strongest levels seen in several months. The loonie was at 78.65 U.S. cents compared to Friday’s close of 79.99.
Approximately 6,350 canola contracts were traded as of 10:37 CDT.
Prices in Canadian dollars per metric tonne at 10:37 CDT:
Price Change
Canola May 1,038.90 dn 0.50
Jul 1,115.50 up 1.80
Nov 960.40 dn 0.70
Jan 959.80 dn 1.10
