By Glen Hallick, MarketsFarm
WINNIPEG, March 14 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were lower at midday Monday, with the nearby May contract taking the brunt of the declines.
Another round of ceasefire talks between Russia and Ukraine led to global crude oil prices being down hard. In turn, that placed a great deal of pressure on edible oils.
That meant Chicago soyoil and European rapeseed were backtracking, while Malaysian palm oil was sharply lower. Meanwhile, support was coming from gains in Chicago soybeans and soymeal, as well as tight canola supplies.
The Canadian dollar was lower, with the loonie at 78.46 U.S. cents compared to Friday’s close of 78.62.
Approximately 8,300 canola contracts were traded as of 10:16 CDT.
Prices in Canadian dollars per metric tonne at 10:16 CDT:
Price Change
Canola May 1,121.50 dn 9.70
Jul 1,096500 dn 1.50
Nov 927.70 dn 1.90
Jan 927.10 dn 0.90
