By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 13 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were weaker Monday morning, as European rapeseed and the Chicago soy complex were lower.
Spillover from the selling of other vegetable oils weighed on values. Also, canola ran into resistance on the price charts.
The South American soybean crop provided pressure as well. Brazil and Argentina are pr to have record production this year.
The United States and China are still on track to sign their phase one trade deal on Jan. 15. The Chinese delegation is scheduled to arrive in Washington today.
The Canadian dollar was steady this morning at 76.67 U.S. cents after closing Friday at 76.62.
About 3,700 canola contracts had traded as of 8:42 CST.
Prices in Canadian dollars per metric ton at 8:42 CST:
Price Change
Canola Mar 481.20 dn 2.80
May 490.10 dn 2.60
Jul 495.50 dn 2.20
Nov 497.50 dn 1.30
