WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were lower Monday morning, getting pressure from losses in the vegetable oils.
European rapeseed and Malaysian palm oil were to the downside, as was Chicago soyoil. Gains in Chicago soybeans and soymeal helped to temper further declines. Small upticks in global crude oil prices took some of the pressure off of the veg oils.
Harvest progress added more pressure on canola. Alberta reported on Friday afternoon that its overall province-wide harvest reached 35% complete with canola at 10% finished.
There is also positioning ahead of two reports this week, with the first being Tuesday's supply/demand estimates from the U.S. Department of Agriculture. That will be followed by the second model-based production report from Statistics Canada on Thursday.
The Canadian dollar was on the upswing Monday morning, with the loonie rising to 73.66 U.S. cents compared with Friday's close of 73.36.
About 5,200 contracts had traded as of 9:36 a.m. EDT.
Prices in Canadian dollars per metric ton at 9:36 a.m. EDT:
Price Change
Canola Nov 774.60 dn 5.50
Jan 782.00 dn 6.00
Mar 785.90 dn 5.70
May 786.90 dn 5.00
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
09-11-23 1008ET
