WINNIPEG, Manitoba--The ICE Futures canola market continued its slide downward for the fifth time over the past six sessions, being pressured from comparable oils.
Chicago soyoil lost nearly two U.S. cents per pound, while European rapeseed was also down. However, Malaysian palm oil was up, bringing support to canola. Crude oil moved lower on Monday, but China's Golden Week, which attracts millions of tourists, is expected to drive up demand.
The Canadian dollar was down one-tenth of a U.S. cent compared to Friday's close.
One analyst said that selling action by the funds, along with weakness in comparable oils, brought down canola prices. The analyst believes canola could fall as low as C$700 per metric ton.
High temperatures in the Prairies will range from the mid-teens to low-20 degrees Celsius later Monday with the warmest temperatures in Saskatchewan.
About 25,650 contracts had traded at 10:18 CDT.
Prices in Canadian dollars per metric ton:
Price Change Canola Nov 716.10 dn 5.90 Jan 725.90 dn 5.90 Mar 732.10 dn 6.40 May 738.00 dn 6.40
Source: Commodity News Service Canada, email@example.com
(END) Dow Jones Newswires