By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 14 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were dropping on this Valentine’s Day morning, with no love coming from a weaker Chicago soy complex.
European rapeseed was lower as well, but there were gains in Malaysian palm oil. Declines in global crude oil prices put pressure on edible oil values.
Temperatures across the Prairies are forecast to vacillate between below normal to about normal during the week. Three Alberta Clippers are expected to bring more snow to the region, which for the most the part is still struggling with drought.
The Canadian dollar was weaker on Monday morning, as the loonie fell to 78.36 U.S. cents, compared to Friday’s close of 78.73.
About 5,750 canola contracts had traded as of 8:37 CST.
Prices in Canadian dollars per metric tonne at 8:37 CST:
Price Change
Canola Mar 1,002.00 dn 11.50
May 988.10 dn 12.50
Jul 960.10 dn 10.20
Nov 839.60 dn 8.70
