By Glen Hallick, MarketsFarm
WINNIPEG, June 13 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were lower at midday Monday, continuing with the losses incurred late last week.
An analyst commented there’s a major sell-off in the stocks and equities markets, which is driving down commodities.
There were steep declines in the Chicago soy complex, European rapeseed and Malaysian palm oil. A moderate downturn in global crude oil weighed on vegetable oils.
Rain has been forecast to fall on the western Prairies today, pushing into the eastern half. Such will slow any remaining spring planting that is left.
As the United States dollar surged, the Canadian dollar fell back with the loonie retreating to 77.75 U.S. cents, compared to Friday’s close of 78.27.
Approximately 9,100 canola contracts were traded as of 10:38 CDT.
Prices in Canadian dollars per metric tonne at 10:38 CDT:
Price Change
Canola Jul 1,086.50 dn 17.60
Nov 1,030.50 dn 13.70
Jan 1,037.40 dn 13.10
Mar 1,037.60 dn 13.90
