By Glen Hallick
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange remained lower by mid-morning Monday, pulled down by this year’s record harvest.
“There’s too much canola around,” a trader said, stressing the need for Canada to resolve its trade differences with China.
The trader added that good weather in South America also weighed on North American canola and soybean prices.
The Chicago soy complex was steady to lower with negligible increases in soyoil. Losses in Malaysian palm oil and most MATIF rapeseed contracts put pressure on canola.
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Gains in crude oil attempted to limit the declines in the vegetable oils.
Statistics Canada reported that 1.02 million tonnes of canola were crushed in November, up only 1,875 tonnes from the previous November. Also StatCan said November canola deliveries came to 1.62 million tonnes, for an 11.1 per cent improvement from a year ago.
The Canadian dollar was unchanged by mid-session Monday, with the loonie at 72.13 U.S. cents.
Approximately 19,450 canola contracts were traded as of 10:46 am CST, with prices in Canadian dollars per metric tonne:
Canola Jan 591.60 dn 7.00
Mar 604.60 dn 6.90
May 614.40 dn 7.50
Jul 622.40 dn 8.20
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
