By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures dropped back on Monday, following steep declines in crude oil. However, the losses in canola were not as sharp by the end of trading as they were earlier this morning.
On Monday, United States President Donald Trump said the U.S. and Iran met during the weekend to discuss an end to their war. However, Iran denied there were such talks with the U.S., but they did speak with some of the other Persian Gulf countries.
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That sent crude oil down hard, which weighed on the vegetable oils. Chicago soyoil was up by a pinch and MATIF rapeseed was lower. Malaysian palm oil remained closed for a holiday. Chicago soybeans edged up and soymeal eased back.
An analyst said the markets took Trump’s social media comment as the truth. However, the analyst said fertilizer and diesel prices remain quite high, which is a concern for farmers.
The May canola contract continued to hold above its major moving averages, after slipping below its 20-day average earlier in Monday’s session.
The Canadian dollar was virtually unchanged on Monday afternoon, with the loonie at 72.91 U.S. cents.
There were 92,760 contracts traded on Monday, compared to 52,492 on Friday. Spreading accounted for 61,884 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola May 719.10 dn 7.40
Jul 732.20 dn 7.20
Nov 726.50 dn 5.30
Jan 732.30 dn 3.20
