By Glen Hallick, MarketsFarm
WINNIPEG, April 11 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were lower at midday Monday, pressure from losses in the Chicago soy complex.
Declines in global crude oil prices weighed on edible oils. However, there were still gains in European rapeseed and the front months of Malaysian palm oil, which tempered losses in canola.
Speculative profit-taking was a contributing factor that pressured canola. However, the tight supply situation underpinned values.
A spring snowstorm is expected to hit southern Manitoba at mid-week, which would add much-needed moisture content to the soil.
The Canadian dollar was lower with the loonie at 79.25 U.S. cents compared to Friday’s close of 79.43.
Approximately 9,500 canola contracts were traded as of 10:24 CDT.
Prices in Canadian dollars per metric tonne at 10:24 CDT:
Price Change
Canola May 1,159.20 dn 6.40
Jul 1,136.20 dn 2.60
Nov 1,009.50 dn 1.60
Jan 1,009.70 dn 1.80
