ICE Canada Morning Comment: Canola falls back in light activity

By Glen Hallick

Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures were pulling back on Monday morning, following other vegetable oils to the downside.

There were declines in the Chicago soy complex, Malaysian palm oil and most MATIF rapeseed contracts. Strong increases in crude oil limited the losses in the veg oils.

Statistics Canada reported on Wednesday that 1.02 million tonnes of canola were crushed in November, virtually on par with the previous November.

Also, StatCan said 1.62 million tonnes of canola were delivered in November, an improvement from 1.46 million tonnes a year ago.

The Canadian dollar eased back on Monday morning, with the loonie at 73.07 U.S. cents, compared to Wednesday’s close of 73.13.

Approximately 6,900 contracts had traded by 8:31 CST and prices in Canadian dollars per metric tonne were:     

                          Price      Change

Canola            Jan     590.00     dn  8.60

                  Mar     603.50     dn  8.00

                  May     613.80     dn  8.30

                  Jul     622.10     dn  8.50

Stay informed with our daily market videos. Each video quickly covers key futures moves, price trends, and market signals that matter to Canadian farmers. Get clear, timely insights in just a few minutes. Bookmark https://www.producer.com/markets-futures-prices/videos

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