WINNIPEG – The ICE Futures canola market was lower coming out of the weekend despite ongoing dryness in the Prairies.
While Chicago soyoil was down, European rapeseed and Malaysian palm oil were both on the rise. Crude oil was also up after Saudi Arabia announced it will cut production by one million barrels per day starting in July.
One trader said that canola has not come down as much as Chicago soyoil as of late. The trader added that there wasn’t a lot of activity in the oilseeds for any big price moves to happen.
“We’re into that kind of phase which happens every year where the markets are now just kind of watch-and-wait. We could go up and down substantially depending on how the crops develop in the month of June,” the trader said.
The Canadian dollar was steady compared to Friday’s close.
Nearly 14,000 canola contracts were traded as of 10:30 CDT.
Price Change
Jul 655.60 dn 2.40
Nov 634.50 dn 3.10
Jan 640.80 dn 2.50
Mar 646.70 dn 2.40
