By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 30 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Monday morning in thin and choppy trade, as many participants kept to the sidelines with markets in the United States closed for Memorial Day.
Malaysian palm oil and European rapeseed futures were both mostly lower in overnight activity, putting some spillover pressure on the Canadian oilseed. A firmer tone in the Canadian dollar, which hit its highest level in more than a month relative to its U.S. counterpart, also weighed on values.
However, tight old crop supplies and uncertainty about new crop production remained supportive.
Wet regions of southern Manitoba received more rainfall over the weekend, which will cause additional delays to the already late seeding progress in the area.
About 800 canola contracts had traded as of 8:49 CDT.
Prices in Canadian dollars per metric ton at 8:49 CDT:
Canola Jul 1,187.00 dn 0.80
Nov 1,076.60 up 0.40
Jan 1,081.70 up 0.90
Mar 1,079.50 dn 0.60
