By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 30 (MarketsFarm) – The ICE Futures canola market was sharply lower Monday morning, as investors booked profits on the recent multi-year highs on the last trading day of the month.
Losses in Chicago Board of Trade soybeans and soyoil accounted for some spillover selling pressure in canola, with much-needed rains falling in parts of South America over the weekend.
Expectations for large Australian canola production this year also weighed on values, with the country’s agriculture department forecasting a 3.7 million tonne crop. That would be up 59 per cent on the year, and the fifth-largest on record.
The Canadian dollar was stronger in early activity.
About 9,500 canola contracts had traded as of 8:48 CST.
Prices in Canadian dollars per metric ton at 8:48 CST:
Canola Jan 574.80 dn 8.20
Mar 572.30 dn 6.90
May 569.40 dn 6.50
Jul 564.50 dn 5.40