By Glen Hallick, MarketsFarm
WINNIPEG, May 2 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were down hard at midday Monday, as profit-taking and weakness in comparable oils weighed heavily on prices.
As global crude oil prices retreated that was pressuring edible oils to the downside. There were steep losses in European rapeseed, with the Chicago soy complex falling as well. The Malaysian palm oil market was closed today for a holiday.
Spring planting on the western half of the Prairies was continuing. The much of the eastern side was wet, delaying the start of seeding. There’s flooding in several parts of southern Manitoba.
Canola found a measure of support in a weaker Canadian dollar. The loonie dropped to 77.54 U.S. cents, compared to Friday’s close of 78.17.
Approximately 16,000 canola contracts were traded as of 10:32 CDT.
Prices in Canadian dollars per metric tonne at 10:32 CDT:
Price Change
Canola Jul 1,147.30 dn 40.70
Nov 1,058.10 dn 46.20
Jan 1,061.60 dn 45.40
Mar 1,078.10 dn 27.10
