Glacier FarmMedia – Canola futures on the Intercontinental Exchange were seeing double-digit losses in Monday trading, following the lead of comparable oils.
United States President Donald Trump said on Sunday that he has had “some positive response” to his call for nations to send military help to secure the Strait of Hormuz. As a result, crude oil prices were down at least US$2.50 per barrel this morning.
An analyst said the market reaction to Trump’s comments were reactionary, as no coalition to secure the strait has been formed yet. The analyst also said it would be no surprise to see crude oil move up to unchanged later today.
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Chicago soyoil lost more than two U.S. cents per pound, while European rapeseed was also down. Malaysian palm oil was up.
The Canadian dollar was up one-quarter of a U.S. cent compared to Friday’s close.
Statistics Canada reported that the country’s annual inflation rate was at 1.8 per cent in February, down half a point from January. However, rising crude oil prices from the Middle East conflict were not included in StatCan’s calculations. The Bank of Canada’s next key interest rate announcement will be on Wednesday.
About 34,000 canola contracts have traded at 10:15 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 724.90 dn 15.00
Jul 734.60 dn 14.60
Nov 720.90 dn 13.30
Jan 725.50 dn 13.10
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