ICE Canada Morning Comment: Returning to the downward trend
Labour minister rejects call for binding arbitration
By Glen Hallick
Glacier Farm Media MarketsFarm – Canola futures on the Intercontinental Exchange continued lower on Friday morning, adding onto Thursday’s losses.
There were declines in the Chicago soy complex, and Malaysian palm oil along with hard losses in European rapeseed. Crude oil prices were pulling back, adding more pressure on to the oilseeds.
The November canola contract remained mired below its major moving averages, which weighed on the oilseed’s values. Canola crush margins inched lower as well.
Although Saskatchewan reported its harvest was underway, the combining of canola was less than one per cent complete.
Federal labour minister Steven McKinnon rejected a request from Canadian National Railway for binding arbitration to resolve the impasse in negotiations with the Teamsters Canada Rail Conference. Canadian Pacific Kansas City and CN indicated they will lockout the 9,300 union members as of Aug. 22.
The Canadian dollar was relatively steady on Friday morning with the loonie at 72.87 U.S. cents compared to Thursday’s close of 72.91.
Approximately 9,350 contracts had traded by 8:40 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 568.00 dn 9.80 Jan 578.30 dn 10.00 Mar 586.70 dn 10.00 May 593.70 dn 8.30
