By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures turned lower on Monday morning, giving up its overnight gains.
Support came from upticks in the Chicago soy complex and European rapeseed while declines in Malaysian palm oil weighed on values. Slight increases in crude oil spilled over into the oilseeds.
Large old crop supplies and good conditions across the Prairies weighed on canola prices.
A few systems were forecast to bring rain during the week to various parts of the region, starting today with eastern Alberta and southwestern Saskatchewan.
Read Also
North American grain/oilseed review: Canola weakens with soyoil
Glacier FarmMedia — The ICE Futures canola market was weaker on Tuesday as a selloff in Chicago soyoil spilled over…
The Canadian Grain Commission noted there was a sharp increase in producer deliveries of canola, at 436,700 tonnes for the week ended June 2. Exports were also much higher at 238,400 tonnes and domestic use bumped up to 219,700 tonnes.
Alberta reported spring planting reached 97 per cent complete, with the canola at 96 per cent done.
The Canadian dollar stepped back on Monday morning, with the loonie at 72.59 U.S. cents compared to Friday’s close of 72.78.
Approximately 10,200 contracts had traded by 8:43 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Jul 629.70 dn 0.40 Nov 649.20 dn 0.30 Jan 656.30 dn 0.70 Mar 660.60 dn 2.10
