By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were sharply lower mid-session Monday, due to weakness in the vegetable oils.
Crude oil was down hard following United States President Trump’s statement that the U.S. and Iran had talks regarding their conflict over the weekend. However, Iran said such did not occur with the U.S.
The losses in crude oil pulled down Chicago soyoil and MATIF rapeseed. Chicago soybeans struggled to maintain their gains and soymeal was easing back. Malaysian palm oil remained closed for a holiday.
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By Glen Hallick Glacier FarmMedia – Intercontinental Exchange canola futures dropped back on Monday, following steep declines in crude oil….
“The market is positive there have been conversations,” an analyst said.
The analyst added some of the commodities could finish the day “flattish.”
He also said fertilizer supplies and diesel prices continued to be a major concern for farmers with spring seeding approaching.
The May canola contract was virtually on par with its 20-day moving average, but well above its other averages.
Canola crush margins dipped with the May position at about C$289 per tonne above the futures.
The Canadian dollar nudged up by late Monday morning with the loonie at 72.95 U.S. cents, compared to Friday’s close of 72.90.
Approximately 57,850 canola contracts were traded as of 10:29 a.m. CDT, with prices in Canadian dollars per metric tonne:
Canola May 716.10 dn 10.40
Jul 729.20 dn 10.20
Nov 722.70 dn 9.10
Jan 728.60 dn 6.90
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