WINNIPEG, Manitoba--Intercontinental Exchange canola futures were mostly higher on Monday morning, with losses in the lightly-traded, more deferred positions.
As canola's front months continued to climb well past the psychological level of C$800 per tonne, there were notions in the trade that it's becoming overbought.
Meanwhile, the Canadian oilseed was buoyed by gains in the Chicago soy complex, European rapeseed and Malaysian palm oil.
However, there was pressure on the vegetable oils coming from slight losses in global crude oil prices.
Dry conditions across much of the Prairies supported the upswing in canola, with the trade leaning towards reduced yields.
Alberta issued its crop report on Friday afternoon, noting the province's canola was 44 percent good to excellent, but most crops needed rain.
Russia reiterated its stance today that it will not renew the Black Sea export deal, citing an alleged attack on a bridge in Crimea said to have been carried out by Ukraine. However, officials from Turkey and Russia are meeting today to discuss the deal.
The Canadian dollar slipped back further on Monday morning, with the loonie at 75.74 U.S. cents compared to Friday's close of 75.86.
About 12,400 contracts had traded as of 9:36 EDT.
Prices in Canadian dollars per metric tonne at 9:36 EDT:
Canola
Price Change
Nov 827.50 up 6.70
Jan 815.70 up 1.20
Mar 803.10 dn 0.40
May 787.90 dn 2.30
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
07-17-23 1004ET
