WINNIPEG, Manitoba--Intercontinental Exchange canola futures were moving lower at midsession Monday, after running into resistance during the overnight session.
"We had a really nice rally in canola and now we're consolidating again," an analyst commented.
However, with Prairie temperatures forecast to exceed 30 degrees Celsius this week, the analyst noted that should be somewhat supportive.
"Flowering canola doesn't handle the heat very well," he said.
In the meantime, the Canadian oilseed was feeling the pressure from sharp declines in the Chicago soy complex and European rapeseed. The Malaysian palm oil market was closed for a holiday. Crude oil was modestly lower and weighing on the vegetable oils.
The Canadian dollar was virtually unchanged as of late Monday morning, with the loonie at 73.34 U.S. cents.
Approximately 31,150 canola contracts were traded as of 11:16 a.m. EDT, with prices in Canadian dollars per metric ton:
Canola
Price Change
Nov 652.40 dn 5.80
Jan 662.30 dn 6.20
Mar 669.50 dn 6.70
May 674.00 dn 7.60
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
07-08-24 1145ET
