ICE canola starts week in negative territory

Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange opened the week slightly lower despite a weaker Canadian dollar and higher crude oil prices.

Crude surged over the weekend due to the United States attack on Iran. However, rains on the Prairies over the weekend put pressure on prices.

Chicago soyoil and Malaysian palm oil were lower, while European rapeseed was higher. Meanwhile, crude oil was now showing small increases compared to the weekend.

Agriculture and Agri-Food Canada released its monthly principal field crop outlook on Friday, estimating old crop exports at nine million tonnes and carryout at 1.15 million. New crop exports were pegged at six million tonnes and carryout was projected at 1.8 million.

The Canadian dollar was down nearly three-tenths of a U.S. cent compared to Friday’s close.

Nearly 11,600 contracts were traded. Prices in Canadian dollars per metric ton as of 8:39 CDT:

Jul  740.20  dn  3.40

Nov  741.20  dn  1.50

Jan  748.30  dn  2.00

Mar  752.80  dn  1.70