By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were a pinch lower by late Monday morning in light of mixed support.
There’s support for canola coming from Chicago soyoil and Malaysian palm oil, but European rapeseed was mixed. Declines in Chicago soybeans and soymeal weighed on values. That received further pressure from modest losses in crude oil.
An analyst said there isn’t a lot driving the markets right now.
The analyst said canola varies across the Prairies, with crops in poor condition in the dry areas while those in parts that have received rain are faring better.
“Those crops look good, but they need some moisture,” he warned.
The Canadian dollar was virtually unchanged at mid-session Monday, with the loonie holding at 73.09 U.S. cents.
Approximately 15,750 canola contracts were traded as of 10:24 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 682.50 dn 0.20 Jan 690.80 dn 0.30 Mar 697.60 dn 0.40 May 703.40 dn 0.30
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
