ICE Canada Morning Comment: Weaker Soy Complex Keeps Canola Down

Intercontinental Exchange (ICE) canola futures were lower Monday morning, continuing to take their cue from losses in the Chicago soy complex.

Additional pressure came from declines in European rapeseed and Malaysian palm oil.

Trading volumes will be lower Monday and Tuesday as China marks a two-day holiday.

Daytime highs across the Prairies are forecast to be in the mid to high teens Celsius and push into the 20's as the week continues. Frost was reported in Alberta, however with most of the crops off the fields, little damage is likely to come of it.

Alberta reported on Friday that its harvest of major crops was at 61% complete, with the combining of canola at one- third in the bin.

The Canadian dollar was weaker this morning with the loonie at 77.87 U.S. cents, compared to Friday's close of 78.61.

About 3,250 canola contracts had traded as of 9:37 ET.

Prices in Canadian dollars per metric tonne at 9:37 ET:

Price Change

Canola

Nov 867.60 dn 6.10
Jan 860.20 dn 6.10
Mar 847.60 dn 6.50
May 830.50 dn 6.90


  (END) Dow Jones Newswires
  09-20-21 1006ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

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