WINNIPEG, Dec. 9 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Thursday morning, following declines in the Chicago soy complex and Malaysian palm oil, while European rapeseed was steady to lower.
As well, losses in global crude oil prices were putting pressure on edible oil values.
Positioning ahead of today’s supply and demand report from the United States Department of Agriculture (USDA) saw spillover into the canola market.
Tight supplies continued to underpin canola prices, but the Canadian oilseed remained to be seen as overbought.
The Canadian dollar was lower this morning, with the loonie at 78.84 U.S. cents compared to Wednesday’s close of 79.10.
About 2,750 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric tonne at 8:35 CST:
Price Change
Canola Jan 1,002.10 dn 8.60
Mar 975.80 dn 7.00
May 941.60 dn 7.00
Jul 893.40 dn 10.00
