Howard Leaman Apr 23/18
Canola traded on both sides of unchanged again on Monday, ending
higher. The nearby May contract again led the way to higher levels as
traders bought back their earlier sales ahead of the last trading day. The
market was on the defensive for much of the day due to spillover selling
from the soy complex, palm oil and European rapeseed. The weakness in those
markets was especially significant to canola as recent action has left
canola looking relatively expensive compared to other vegetable oils.
Forecasts calling for more favourable weather in western Canada, and
decreased commercial demand for canola also weighed on canola.
The selling in canola was curbed by weakness in the Canadian dollar,
and the market struggled back to post gains at the close. The dollar
plunged below $.78 U.S. on Monday, down about half of a cent.
Jly Canola 539.50 530.10
Nov Canola 524.20 515.70
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