By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 31 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Monday, as Russia pulling out of the export agreement with Ukraine dominates the grain markets.
Russia announced on Sunday that it’s withdrawing from the multi-lateral agreement that permits grain to be exported out of Ukrainian ports. The move came after Russia accused Ukraine of launching drone strikes against its Black Sea fleet at Sevastopol. The agreement was set to expire on Nov. 19 with talks planned to extend it. The United Nations indicated it will attempt to resolve the matter.
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The associated spike in wheat prices spilled over into corn and especially vegetable oils, according to an analyst. That generated increases in Chicago soybeans and soyoil, plus European rapeseed and Malaysian palm oil. However, bearish demand for crude oil pulled prices a little lower, which placed some pressure on the veg oils.
The above normal temperatures on the Prairies are expected to continue for the first half of the week with little precipitation.
The Canadian dollar was lower with the loonie at 73.19 U.S. cents, compared to Friday’s close of 73.45.
There was scant trading in the nearby November contract, with the bulk of the activity concentrated on the January and March positions.
Approximately 18,400 canola contracts were traded as of 10:28 CDT.
Prices in Canadian dollars per metric tonne at 10:28 CDT:
Prices in Canadian dollars per metric tonne:
Price Change
Canola Jan 873.00 up 8.90
Mar 877.80 up 8.40
May 882.70 up 8.60
Jul 884.60 up 8.70
