By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures ere pulling back on Monday morning, due to pressure from comparable oils.
Declines in Chicago soybeans and oil, along with losses in European rapeseed and Malaysian palm oil weigh on canola values. A slight downturn in crude oil kept the vegetable oils lower.
Although the need for rain on the Prairies continued to increase, the region’s canola remains in fairly good shape.
While the November canola contract was a little below its 20- and 50-day moving averages it remained well above its other technical levels.
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Agriculture and Agri-Food Canada is expected to issue its July supply and demand report this week, perhaps as early as Monday. AAFC’s canola data will include Statistics Canada’s revised canola production figure of 19.2 million tonnes in 2024/25.
The Canadian dollar edged a little higher on Monday morning, with the loonie at 72.95 U.S. cents compared to Friday’s close of 72.89.
Approximately 12,400 contracts were traded by 8:38 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 690.30 dn 10.00 Jan 700.00 dn 9.50 Mar 706.50 dn 10.30 May 713.90 dn 8.00
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
