Glacier FarmMedia | MarketsFarm — Canola futures on the Intercontinental Exchange opened the week’s trading with downward momentum, largely due to weaker comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil were lower. Crude oil showed slight declines as the trade believes the effects of United States sanctions on Russian oil would be minimal.
The 20-day average for November canola is approaching the 50-day average, which could be a sign of more declines ahead, especially in November canola falls below C$670 per tonne. While demand is still good for Chicago soyoil, an analyst added that the market has “run out of gas.” Another analyst observed canola fields south of the Trans-Canada Highway in Saskatchewan and Alberta to be in poor condition.
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Glacier FarmMedia | MarketsFarm — Canola futures on the Intercontinental Exchange started the week lower. Despite easing away from heavier…
Rain fell across the Prairies last weekend to provide much-needed moisture for canola crops. More rain and thunderstorms are in the forecast today as well as below-normal temperatures in Saskatchewan and Alberta.
The Canadian dollar was up more than one-tenth of a U.S. cent compared to Friday’s close.
About 28,500 canola contracts have traded at 10:23 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 688.40 dn 11.90
Jan 698.40 dn 11.10
Mar 705.70 dn 11.10
May 711.70 dn 10.20
