ICE Midday: Canola follows comparable oils down

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market began the week slightly lower as comparable oils were in decline.

Chicago soyoil, European rapeseed and Malaysian palm oil were in negative territory in the middle of trading on Monday. Crude oil was also lower after the United States held off on tariff threats to Colombia.

One analyst said the ongoing threat of tariffs to be imposed on imports into the U.S. and weather concerns in South American are the primary drivers of canola prices. He also said canola was “solidly short” compared to net long positions for corn and soybeans.

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

About 20,000 contracts have traded at 10:08 CST. Prices in Canadian dollars per metric tonne:

Price          Change

Mar 636.40     dn  2.40

May 645.00     dn  2.60

Jul 648.80     dn  3.10

Nov 633.50     dn  3.50