By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 25 (MarketsFarm) – The ICE Futures canola market was sharply lower Monday morning, seeing a profit-taking correction to start the week after setting fresh contract highs on Friday.
Declines in crude oil and the Chicago Board of Trade soy complex accounted for some spillover selling pressure for the Canadian oilseed.
Malaysian palm oil had initially moved higher in overnight activity, but fell well off its highs as a ban on palm oil exports announced by Indonesia last week turned out to be less extensive than originally thought.
The Canadian dollar was weaker in early activity, providing some underlying support.
Statistics Canada releases its first survey-based acreage estimates for the upcoming crop year on Tuesday, with positioning ahead of the report likely to account for some of the activity. Canadian farmers planted 22.5 million acres of canola in 2021.
About 8,700 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Price Change
Canola May 1,170.10 dn 23.80
Jul 1,155.20 dn 16.50
Nov 1,068.20 dn 16.00
Jan 1,071.10 dn 15.10
