WINNIPEG – The ICE Futures canola market plunged coming out of the August long weekend, pressured by weather and weakness in comparable oils.
Chicago soyoil was down more than one United States cent per pound, while European rapeseed and Malaysian palm oil were also lower. Crude oil lost more than one U.S. dollar per barrel after disappointing trade data from China.
The Canadian dollar was down seven-tenths of a U.S. cent compared to Friday’s close. Canadian markets were closed on Monday due to civic holidays. Statistics Canada reported today that Canada’s merchandise trade deficit widened C$1 billion to C$3.7 billion in July.
Rains are expected this week for much of the Prairies with temperatures remaining normal or below-normal for the rest of the month.
Nearly 12,150 contracts were traded. Prices in Canadian dollars per metric ton as of 8:43 CDT:
Nov. 777.90 dn 19.60
Jan. 780.80 dn 19.10
Mar. 781.00 dn 18.60
May 780.60 dn 16.00
