By Glen Hallick, MarketsFarm
WINNIPEG, June 14 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were in steep decline on Monday morning, being pulled down by weakness in the Chicago soy complex. In particular, sharp losses in soyoil, which have come close to their daily limit.
The eight to 14-day weather forecast in the United States has called for rain across the Corn Belt, which bodes well for the corn and soybean crops, but not their prices.
Additional pressure came from losses in European rapeseed and Malaysian palm oil.
Trading volumes could be light today as the markets in China are closed for a holiday.
The Canadian dollar is relatively steady this morning, with the loonie at 82.36 compared to Friday’s close of 82.32.
About 3,800 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Canola Jul 845.70 dn 25.30
Nov 723.30 dn 20.40
Jan 724.90 dn 19.90
Mar 719.00 dn 22.40