By Glen Hallick, MarketsFarm
WINNIPEG, May 30 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were pushing lower at midday Monday amid very light trading.
The markets in the United States were closed for Memorial Day, but will reopen this evening.
Pressure on canola came from declines in European rapeseed, but small gains in Malaysian palm oil provided some measure of support. Global crude oil prices were on the rise, which aided vegetable oils.
Alberta reported on Friday that spring planting across the province reached 73 per cent complete. Canola seeding was reported at 64 per cent finished.
The weather forecast has called for scattered showers over drought-stricken southern Alberta. On the opposite end of the spectrum, the eastern Prairies are to receive more rain, which will continue to slow planting progress.
The Canadian dollar was stronger with the loonie at 79.03 U.S. cents, compared to Friday’s close of 78.51.
Approximately 2,350 canola contracts were traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Price Change
Canola Jul 1,184.50 dn 3.30
Nov 1,072.20 dn 4.00
Jan 1,075.80 dn 5.00
Mar 1,073.70 dn 6.40
