Howard Leaman Mch 19/18
Canola was mainly on the defensive on Monday, ending lower. The
weakness was attributed to spillover selling from the soy complex, palm oil
and European rapeseed, and a bounce in the Canadian dollar. The Canadian
dollar fell sharply last Friday against the U.S. dollar, but recovered
about a fifth of a cent on Monday. Much of the weakness in the vegetable
oils was attributed to a shift in traders' focus away from drought concerns
in Argentina to the prospects of potentially large production in the
northern hemisphere in 2018/19.
The selling in canola was curbed by a reluctancy to drive prices too
lower too fast. Prices often rally going into the North American growing
season as traders "kill" the crop at least once.
May Canola 524.70 517.20
Jly Canola 530.30 516.90
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