ICE Canola Midday: Increases fading
Upticks in soyoil easing back
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were mostly higher at midday Monday, as earlier double-digit increases faded.
Although support for canola was coming from gains in the Chicago soy complex, increases for soyoil had weakened. While there were gains in Malaysian palm oil, European rapeseed was mixed. Moderate upticks in crude oil spilled over into the vegetable oils.
An analyst noted that while Canada’s canola exports continued to be on a good pace, at the current rate there likely wouldn’t be enough of the oilseed available for export towards the end of the 2024/25 marketing year.
The November contract remained above most of its major moving averages, with the exception of its 200-day average.
Canola crush margins fell back with the November position slightly below C$109 per tonne above the futures.
As the last of the Prairie harvest wraps up the weather across the region was forecast to vary from snow in some parts of Alberta to plus 20 degrees Celsius or more in southern Manitoba.
By late Monday morning, the Canadian dollar slid to 72.24 U.S. cents compared to Friday’s close of 72.45.
Approximately 37,550 canola contracts were traded as of 10:35 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 615.50 dn 0.60 Jan 625.50 up 1.50 Mar 636.80 up 2.50 May 644.70 up 3.70
