By Glen Hallick, MarketsFarm
WINNIPEG, July 4 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were down sharply on Monday morning, after trading resumed following the Canada Day holiday.
The United States markets are closed today for Independence Day, but they incurred steep losses on Friday. Trading in the U.S. is scheduled to reopen Tuesday morning.
European rapeseed was pushing lower, but there were small gains in the off session for Malaysian palm oil. Global crude oil prices were higher, lending support to vegetable oils.
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Ahead of tomorrow’s area report from Statistics Canada, the market pegged planted canola acres at 20.20 million to 22.70 million. Last year farmers seeded 22.48 million.
Saskatchewan and Alberta issued their respective crop reports on Thursday, with both provinces noting their crops and soil moisture levels are in good shape thanks to the rains in June.
The Canadian dollar was higher on Monday morning, as the loonie climbed to 77.73 U.S. cents, compared to Thursday’s close of 77.60.
About 5,900 contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change
Canola Nov 836.10 dn 42.30
Jan 843.90 dn 42.60
Mar 850.20 dn 44.20
May 858.20 dn 43.50
