By Glen Hallick, MarketsFarm
WINNIPEG, July 25 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were lower at midday Monday, as good weather dominates the Canadian Prairies.
Rain has been forecast for the central parts of Alberta and Saskatchewan today, with the system moving towards Manitoba. Temperatures will rise from the low 20 degrees Celsius to the low 30’s by week’s end.
Declines in Chicago soyoil and European rapeseed weighed on canola values, while support came from gains in Malaysian palm oil, as well as Chicago soybeans and soymeal. Moderate upticks in global crude oil prices provided further support to vegetable oils.
Statistics Canada reported more than 660,000 tonnes of canola was crushed in June, falling 20.4 per cent from the same time last year.
The Canadian dollar was slightly higher at 77.78 U.S. cents, compared to Friday’s close of 77.66.
Approximately 11,400 canola contracts were traded as of 10:17 CDT.
Prices in Canadian dollars per metric tonne at 10:17 CDT:
Price Change
Canola Nov 793.00 dn 9.40
Jan 801.50 dn 9.10
Mar 807.00 dn 11.30
May 813.30 dn 10.10
