By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were only easing back at mid-session Monday, in light of sharp losses in Chicago soyoil.
Canola was also fending off pressure from decline in European rapeseed and Malaysian palm oil. A little bit of support was coming from upticks in Chicago soybeans and soymeal. Global crude oil prices were moderately lower, which weighed on the oilseeds.
One analyst said canola was essentially trading sideways with concerns over dryness on the Prairies and elsewhere in the world providing a measure of support.
The Canadian dollar was slightly higher by late Monday morning with the loonie at 73.63 U.S. cents compared to Friday’s close of 73.54.
Approximately 26,300 canola contracts were traded as of 10:22 CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola May 641.50 dn 1.60 Jul 650.30 dn 1.20 Nov 658.30 dn 1.40 Jan 665.10 dn 1.90
