ICE Midday: Canola exits weekend in the red

Glacier FarmMedia MarketsFarm – The ICE Futures canola market started the week off under pressure despite mixed sentiment in comparable oils.

Chicago soyoil and Malaysian palm oil were both trading in negative territory on Monday, while European rapeseed was slightly higher. Crude oil was up US$1 per barrel ahead of reports from OPEC+ and the International Energy Agency, as well as the U.S. Federal Reserve’s decision on interest rates later this week.

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

One analyst said there was “no good news” for canola on Monday as it was being pulled back by soyoil but supported by crude oil.

Three low-pressure systems will bring rain across the Prairies this week with the northern halves of Alberta and Saskatchewan expected to see between 25 to 65 millimetres.

About 15,600 contracts have traded at 10:15 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Jul 625.40     dn  4.70

Nov 645.70     dn  3.80

Jan 652.90     dn  4.10

Mar 657.60     dn  5.10