By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were weaker late Monday morning, following outside markets to the downside.
“It’s going to be a dismal day,” one analyst said of canola.
There were sharp losses in the Chicago soy complex, along with declines in European rapeseed while Malaysian palm oil was relatively steady. Modest gains in crude oil tempered the pullbacks in the vegetable oils.
The analyst said the weather outlook for the Prairies has hot and dry conditions for most of the region, but Alberta is to get rain. Come mid-July, temperatures and rainfall are likely to return to normal.
Alberta reported its canola was at 58 per cent good to excellent with nearly half of the crop in the rosette stage.
At mid-session Monday, the Canadian dollar was lower with the loonie at 73.28 U.S. cents compared to Friday’s close of 73.50.
Approximately 24,850 canola contracts were traded as of 10:26 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 698.70 dn 21.00 Jan 706.90 dn 20.50 Mar 712.90 dn 20.00 May 718.60 dn 19.00
