ICE Canada Morning Comment: Canola dips with lower veg oils
Higher crude oil trying to temper declines
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures eased back on Monday morning, taking its lead from other vegetable oils.
There were declines in European rapeseed, Malaysian palm oil and Chicago soyoil. However, those losses were tempered by gains in Chicago soybeans and soymeal. Also, there’s spillover from increases in crude oil.
The January canola contract remained well above its major moving averages.
Canola crush margins climbed higher, with the January position exceeding C$125 per tonne above the futures.
The Canadian dollar was higher on Monday morning with the loonie at 71.98 U.S. cents compared to Friday’s close of 71.78.
Approximately 7,000 contracts were traded by 8:37 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Jan 644.70 dn 1.20 Mar 655.50 dn 1.00 May 662.20 dn 1.50 Jul 666.50 dn 0.70
