By Glen Hallick, MarketsFarm
WINNIPEG, April 25 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were lower at midday Monday, due to a bout of profit-taking.
Sharp pull backs in global crude oil prices weighed heavily on edible oils. That generated steep losses in the Chicago soy complex, European rapeseed and Malaysian palm oil, which put additional pressure on canola.
The Indonesian government clarified its palm oil export ban, which caused more of a ruckus in the markets. The government said the ban will now only apply to refined palm oil.
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Statistics Canada issued its monthly crush and grain deliveries reports. For March, 739,879 tonnes of canola were crushed, down 22.8 per cent from a year ago. Canola deliveries in March were approximately 1.37 million tonnes, falling 31.3 per cent from the previous March.
And the federal agency will release its survey-based planting intentions report tomorrow morning. Several analysts and traders are looking to reduced canola acres from the 22.5 million sown in 2021.
The Canadian dollar was weaker with the loonie at 78.31 U.S. cents, compared to Friday’s close of 78.73.
Approximately 14,600 canola contracts were traded as of 10:37 CDT.
Prices in Canadian dollars per metric tonne at 10:37 CDT:
Price Change
Canola May 1,177.00 dn 16.90
Jul 1,159.50 dn 12.20
Nov 1,077.50 dn 6.70
Jan 1,079.40 dn 6.80
