ICE canola declines as loonie strengthens

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market took a step back to start the week, pressured by weaker comparable oils and a stronger Canadian dollar.

Malaysian palm oil was down while European rapeseed was mostly lower. Crude oil was down after United States president-elect Donald Trump indicated he would declare a national energy emergency to enable more production.

There will be no trading in the U.S. markets for most of Monday due to Martin Luther King Jr. Day.

The Canadian dollar was up more than one-third of a U.S. cent compared to Friday’s close.

Nearly 6,500 contracts were traded. Prices in Canadian dollars per metric ton as of 8:39 CST:

Mar.  613.30  dn  2.70

May   623.00  dn  2.50

Jul.  630.80  dn  3.00

Nov.  623.10  dn  2.50