By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 8 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Monday morning following declines in the Chicago soy complex and in European rapeseed. Small gains in Malaysian palm oil were tempering further declines in canola.
Tight supplies continued to underpin canola values, as was the prospect of below normal precipitation on the Prairies this winter. However, a system forecast to move eastward across the region later this week could result in light snow in the western half of the region and 10 to 20 centimeters in the eastern half.
The markets will be influenced by positioning ahead of tomorrow’s monthly supply and demand estimates from the United States Department of Agriculture.
The Canadian dollar was relatively steady this morning, with the loonie at 80.27 U.S. cents, compared to Friday’s close of 80.31.
About 3,000 canola contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric tonne at 8:36 CST:
Price Change
Canola Jan 968.00 dn 5.90
Mar 943.90 dn 8.50
May 912.60 dn 10.10
Jul 873.00 dn 11.70
