WINNIPEG – The ICE Futures canola market was mixed Monday morning, aided by declines in crude oil prices and rising veg oils.
Heat warnings were lifted today in southern Alberta as temperatures across the Prairie provinces will decline as the week progresses. A system from southern Alberta will bring precipitation across the region on Tuesday and Wednesday as harvest begins.
Crude oil was taking a step back on Monday one day after world leaders discussed reviving a nuclear deal with Iran, which would add more crude oil supply from the country. Chicago soyoil showed slight losses, while European rapeseed was mostly higher and Malaysian palm oil was also higher. The Canadian dollar dropped more than one-tenth of a United States cent, providing support to canola.
About 6,500 canola contracts were traded as of 8:45 a.m. CDT.
Prices in Canadian dollar per metric ton as of 8:45:
Nov. 819.70 up 1.30
Jan. 817.00 up 0.10
Mar. 830.20 dn 2.60
May 834.00 dn 1.40
Source: Commodity News Service Canada (Adam Peleshaty, news@marketsfarm.com, or 204-414-9084)
