By Glen Hallick, MarketsFarm
WINNIPEG, May 4 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures gave up small gains late Thursday morning, turning lower.
Although there were upticks in Chicago soyoil they only tempered further losses in canola. Declines in soybeans and soymeal, as well as European rapeseed and Malaysian palm oil weighed on values.
An analyst commented that Chicago soybean prices are likely to pull back in the coming days as Brazil’s record harvest continued to make its way on to the global market. That in turn will hurt the canola market.
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Global crude oil prices saw its bout of sharp losses ease off, turning into small decreases. However, those still weighed on the vegetable oils.
With favourable weather conditions, spring planting is believed to be underway across much of the southern Prairies. Alberta is scheduled to publish its first crop report of 2023 tomorrow afternoon.
The Canadian dollar was higher on Thursday, with the loonie at 73.65 U.S. cents, compared to Wednesday’s close of 74.44.
Approximately 12,600 canola contracts were traded as of 10:33 CDT, with nearly all of the activity split between the July and November contracts.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Price Change Canola Jul 712.50 dn 3.40 Nov 689.10 dn 0.80 Jan 694.70 dn 0.70 Mar 699.20 dn 0.70
