WINNIPEG, Manitoba--Intercontinental Exchange canola futures are lower on Monday morning, with the most-traded November contract pulling back towards its support level of C$600 per ton.
Pressure came from sharp losses in the Chicago soy complex, along with moderate losses in European rapeseed and Malaysian palm oil. Small upticks in crude oil were trying to put a lid on further declines in the veg oils.
The November canola contract was below its major moving averages, putting more pressure on the oilseed.
Canola crush margins eased back with the November positions between C$141 to C$144 per ton above the futures.
The Prairies are expected to be mostly dry today, aside from rain in Manitoba this morning, with temperatures in the mid 20-degree Celsius range.
Alberta reported on Friday that while its crops are 74% good to excellent, the province's canola was at 67%.
The Canadian dollar was lower on Monday morning, with the loonie slipping to 73.28 U.S. cents compared to Friday's close of 73.38.
Approximately 9,650 contracts had traded by 9:37 EDT and prices in Canadian dollars per metric ton were:
Canola
Price Change
Nov 607.00 dn 11.70
Jan 616.60 dn 11.50
Mar 624.60 dn 11.50
May 632.90 dn 9.50
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
07-15-24 1002ET
