By Glen Hallick, MarketsFarm
WINNIPEG, June 20 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures continued to slide back on Monday morning, carrying on from last week’s retreat as new crop contracts have slipped under C$1,000 per tonne.
The United States markets are closed today to mark Juneteenth, with trading set to resume this evening.
There are significant declines in Malaysian palm oil and European rapeseed. Global crude oil prices are narrowly mixed and providing little direction to vegetable oils.
The Prairies have been forecast to receive rain this week, which will be beneficial to the drier areas. Spring planting has essentially wrapped up for the season, with some unplanted acres left in the wetter eastern half.
The Canadian dollar was higher on Monday morning, with the loonie rising to 76.89 U.S. cents, compared to Friday’s close of 76.72.
About 3,650 contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Price Change
Canola Jul 1,026.30 dn 21.50
Nov 971.50 dn 28.80
Jan 976.30 dn 30.40
Mar 984.00 dn 27.90
