By Glen Hallick
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange was either side of unchanged on Monday morning in choppy activity.
Support for canola was mixed, with small increases spilling over from Chicago soyoil and MATIF rapeseed. While Malaysian palm oil was either side of steady, there were declines in Chicago soybeans and soymeal. Gains in crude oil were trying to stem further losses in the vegetable oils.
An analyst said pressure from the Prairie harvest was beginning to dissipate.
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Alberta reported on Friday that its overall harvest was 89 per cent complete, with the province’s canola at 77 per cent done.
Lacklustre canola exports continued to weigh on the Canadian oilseed’s futures, being about one million tonnes behind last year’s pace. However, domestic use is up by roughly the same amount.
The November canola contract remained well behind its major moving averages. For the crush margins, the nearby November positions edged up a few dollars.
The Canadian dollar was virtually unchanged by mid-session Monday, with the loonie at 71.69 U.S. cents.
Approximately 21,500 canola contracts were traded as of 10:37 am CDT, with prices in Canadian dollars per metric tonne:
Canola Nov 604.00 unchanged
Jan 618.20 up 0.10
Mar 629.50 dn 0.40
May 640.20 dn 0.40
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
