ICE canola retreats as loonie strengthens

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market exited the weekend in negative territory partly due to a stronger Canadian dollar.

The loonie was up three-tenths of a United States cent compared to Friday’s close, approaching the 73-cent mark.

Chicago soyoil and Malaysian palm oil were down while European rapeseed was up. However, crude oil made gains of US$2 per barrel after OPEC+ decided on a more modest output hike in July than previously speculated.

Nearly 15,100 contracts were traded. Prices in Canadian dollars per metric ton as of 8:53 CDT:

Jul  704.40  dn  6.70

Nov  683.00  dn  5.60

Jan  690.60  dn  4.10

Mar  698.30  dn  2.20