Glacier FarmMedia – Canola futures on the Intercontinental Exchange were under pressure from weakness in comparable oils.
Chicago soyoil lost nearly two United States cents per pound, with more declines in European rapeseed and Malaysian palm oil. Crude oil was also down despite Ukraine’s recent attacks on Russian power plants.
An analyst said Chicago soyoil was overbought during its rally late last week, adding that the trade is looking ahead to Statistics Canada’s model and survey-based estimates this Thursday. Another analyst said bumper crops for Canadian canola and U.S. soybeans will pressure canola prices even further.
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The Prairies will see high temperatures around 30 degrees Celsius today, with most of the region under dry conditions. However, central parts of Saskatchewan and Alberta could see some rain and thunderstorms.
The Canadian dollar was up less than one-tenth of a U.S. cent compared to Monday’s close.
About 22,000 canola contracts have traded at 10:24 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 650.70 dn 8.70
Jan 663.80 dn 7.70
Mar 674.10 dn 7.50
May 682.20 dn 8.30
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
