By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange stepped back on Monday morning, amid pressure from most comparable oils.
With crude oil down sharply this morning, there were losses in Chicago soybeans and soyoil, as well as Malaysian palm oil. MATIF rapeseed and Chicago soymeal were slightly higher.
The March canola contract held above most of its major moving averages, lagging behind its 200-day average.
The prospect of canola sales to China underpinned the Canadian oilseed, but a record harvest continued to weigh on values.
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Glacier FarmMedia -– Canola prices on the Intercontinental Exchange weakened on Monday in what an analyst called a “macro selloff”…
The Canadian dollar turned weaker on Monday morning, with the loonie falling to 73.16 U.S. cents, compared to Friday’s close of 73.74.
Approximately 14,450 contracts had traded by 8:37 CST and prices in Canadian dollars per metric tonne were:
Price Change
Canola Mar 645.50 dn 2.50
May 656.80 dn 2.40
Jul 664.70 dn 1.90
Nov 655.20 dn 2.10
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