By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 27 (MarketsFarm) – Intercontinental Exchange canola futures were a pinch lower on Monday morning, as it sought direction from other comparable oils.
There were upticks in the Chicago soy complex and Malaysian palm oil, but European rapeseed was slipping back. Slight declines in global crude oil prices put pressure on the vegetable oils.
Canola crush margins retreated, but the nearby January position was a little more than C$200 per tonne above futures.
Statistics Canada is scheduled to release its survey-based production report a week today.
The Canadian Grain Commission reported on Friday that producer deliveries of canola and exports remained behind those from a year ago 16 weeks into the 2023/24 marketing year.
The Canadian dollar was lower on Monday morning with the loonie at 73.30 U.S. cents compared to Friday’s close of 73.41.
About 7,500 contracts had traded as of 8:37 CST.
Prices in Canadian dollars per metric tonne at 8:37 CST:
Price Change Canola Jan 692.70 dn 2.60 Mar 696.70 dn 2.70 May 701.10 dn 2.60 Jul 704.80 dn 2.00
