By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 25 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Thursday morning, as profit-taking pulled them back from record highs.
The sparsely-traded March contract, which fell its daily limit of C$30 per tonne yesterday, was already down C$29.70 at C$771.00 per tonne.
In gaining about four-tenths of a cent, the Canadian dollar pushed above 80 U.S. cents this morning, which added more pressure to canola. The loonie was at 80.10 U.S cents compared to Wednesday’s close of 79.69.
Tight canola supplies continued to underpin values. The price rationing has been turning customers away from acquiring old crop.
The Chicago soy complex was lower, as was European rapeseed. However, there were gains in Malaysian palm oil.
About 11,350 canola contracts had traded as of 8:42 CST.
Prices in Canadian dollars per metric tonne at 8:42 CST:
Price Change
Canola May 748.00 dn 16.90
Jul 711.80 dn 20.60
Nov 598.00 dn 13.10
Jan 602.30 dn 11.60
