ICE canola starts the week lower

By Marlo Glass, MarketsFarm
WINNIPEG, July 15 (MarketsFarm) – The ICE Futures canola market was lower Monday morning, amid quiet volumes and choppy activity.
The market was thought to be in a consolidation pattern, as traders haven’t been trading aggressively due to uncertainty regarding growing conditions across North America.
While rains have improved crop conditions in parts of the Prairies, some areas have not received enough to ease drought concerns. That’s enough to keep a weather premium in prices.
The Canadian dollar remained stronger against the U.S. dollar, nearly at its highest levels since October 2018.
The Chicago Board of Trade soy complex was weaker to start the day, further weighing on canola values.
About 1,300 canola contracts had traded as of 8:50 CDT.
Prices in Canadian dollars per metric ton at 8:50 CDT:
Price Change
Canola Nov 448.20 dn 2.50
Jan 455.30 dn 2.40
Mar 463.10 dn 1.40
May 468.80 dn 1.50

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