By Glen Hallick, MarketsFarm
WINNIPEG, June 12 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly lower at midday Monday, however there was a slight uptick in the old crop July contract.
There were sharp declines in global crude oil prices after Goldman Sachs projected weaker global demand and increased supplies in 2023. However, the vegetable oils were fending off the worst of the pressure.
There were gains in the Chicago soy complex, including soyoil which was recovering from earlier losses. Meanwhile, European rapeseed was narrowly mixed and Malaysian palm oil was slightly lower.
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Temperatures on the Prairies will be spilt with Alberta in the mid- to high-teens Celsius, while Saskatchewan and Manitoba push into the high 20s to low 30s C for the next few days. Alberta will also see rain, while the other two provinces are in line for scattered thunderstorms.
With Glencore reportedly set to sell its Viterra assets to Bunge, questions about the two companies’ Canadian operations could arise.
New crop crush margins pushed higher, further underpinning canola values.
The Canadian dollar eased back to 74.82 U.S. cents on late Monday morning, compared Friday’s close of 74.96.
Approximately 23,850 canola contracts were traded as of 10:38 CDT.
Prices in Canadian dollars per metric tonne at 10:38 CDT:
Price Change Canola Jul 687.40 up 1.50 Nov 664.20 dn 1.10 Jan 669.90 dn 2.20 Mar 675.90 dn 2.90
