Canola futures on the Intercontinental Exchange were lower on Monday due to weaker comparable oils and a stronger Canadian dollar.
Crude oil was down slightly after the United States suspended sanctions against Russian oil, raising hopes for larger supply. However, conflicts in Ukraine and the Middle East continue, creating logistical issues.
Chicago soyoil and European rapeseed were in negative territory on Monday. However, Malaysian palm oil was higher as the receding Kapuas River due to El Nino-driven drought caused shipping issues in Indonesia.
Statistics Canada reported the country’s annual inflation rate increased to 3.1 per cent in September, compared to 3.0 per cent in August.
Across the Prairies, there will be partly cloudy and sunny conditions with daytime high temperatures up to 15 degrees Celsius.
Alberta reported on Friday that the province’s canola harvest was 74 per cent complete as of Oct. 13.
The Canadian dollar was up three-tenths of a U.S. cent compared to Friday’s close.
About 56,000 canola contracts have traded at 10:08 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 788.20 dn 10.60
Jan 801.60 dn 10.00
Mar 812.20 dn 9.30
May 817.40 dn 9.30
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