By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were lower on Monday morning, pulled down by weaker crude oil prices. Trading resumed after Friday’s holiday.
Crude was falling back as the trade waited for news on whether there will be talks between the United States and Iran or not.
Among the vegetable oils, Malaysian palm oil was slightly lower and there were gains in the Chicago soy complex. With the Easter Monday holiday in Europe, MATIF rapeseed was not being traded.
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The May canola contract was virtually on par with its 20-day moving average, while it remained handily above its other technical levels.
Canola crush margins pushed higher, with the May position adding more than C$14 at almost C$337 per tonne above the futures.
Canola exports for the week ended March 29 came to 232,100 tonnes, slightly higher than the previous week the Canadian Grain Commission reported. Year-to-date exports were almost 5.31 million tonnes versus 6.86 million the year before.
The Canadian dollar was back trading on Monday morning, with the loonie edging up to 71.90 U.S. cents compared to Thursday’s close of 71.85.
Approximately 8,250 contracts had been traded by 8:36 CDT and prices in Canadian dollars per metric tonne were:
Price Change
Canola May 724.60 dn 2.40
Jul 737.60 dn 2.40
Nov 730.30 dn 3.50
Jan 736.20 dn 3.60
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