By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures closed mixed on Monday, after starting out with strong increases due to hikes in crude oil.
However, by the afternoon the gains in crude were no longer as large. Sharp losses in Chicago soybeans and soyoil limited canola’s upside. MATIF rapeseed lost much of its increases while Malaysian palm oil was relatively steady.
Precipitation is forecast for the Canadian Prairies later this week, which will help with any dry conditions across the region.
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A massive canola harvest last fall, a slow export pace and expectations of another large crop continued to loom over the market.
While the July canola contract remained behind its 20-day moving average, it held above its other key technical levels.
The Canadian dollar was higher on Monday afternoon, with the loonie at 72.47 U.S. cents, compared to Friday’s close of 72.33.
There were 74,579 canola contracts traded on Monday, compared to 67,980 on Friday. Spreading accounted for 51,214 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola May 705.30 up 1.10
Jul 717.40 up 0.10
Nov 717.80 dn 0.70
Jan 725.40 dn 0.60
