WINNIPEG – The ICE Futures canola market was mixed at midday on Monday with prices struggling to find direction.
One analyst said that lower soybean prices as well as other macroeconomic pressures are limiting the upside for canola prices. However, a weakened Canadian dollar has also brought support.
Chicago soyoil made a slight decline, while European rapeseed was mixed. The Malaysian palm oil market was closed due to a national holiday. Despite oil flows from the Ceyhan export terminal in Turkey being halted due to a major earthquake in the country, crude oil prices were in the red at midday.
The Canadian dollar lost nearly one-third of a U.S. cent compared to Friday’s close.
Nearly 12,900 canola contracts were traded as of 10:29 CST.
Price Change
Mar 832.20 up 0.60
May 829.70 up 0.80
Jul 829.90 dn 0.40
Nov 808.20 dn 2.70
