By Glen Hallick, MarketsFarm
WINNIPEG, May 31 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Monday morning,
Trading volume was very light as the markets in the United States are closed for the Memorial Day holiday. The U.S. markets reopen this evening at 7 pm Central.
Meanwhile, declines in European rapeseed and Malaysian palm oil weighed on canola values.
The Canadian dollar was virtually unchanged with the loonie at 82.76 compared to Friday’s close of 82.74.
While moisture levels from recent rains provided a boost to Prairie crops, the dry conditions still continue, particularly in Saskatchewan and Manitoba.
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The situation with tight supplies for old crop canola also continues. Should production projections for new crop canola hold, then tight supplies will remain a challenge for some time.
Alberta reported on Friday that the planting of major crops province-wide was nearly 90 per cent complete as of May 25. About 85 per cent of the province’s canola has been seeded.
About 560 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Jul 875.80 dn 14.20
Nov 710.00 dn 4.20
Jan 709.30 dn 3.30
Mar 700.00 dn 3.60
