Glacier FarmMedia — ICE canola futures were weaker Thursday morning, retreating from overnight gains in choppy activity.
News of thawing trade relations between the United States and China provided some support for soybean futures in Chicago — lending spillover strength to canola. However, soybeans were well off their overnight highs, while soyoil remained pointed lower and there were no fresh developments on Canadian trade talks with either country.
European rapeseed was steady, and Malaysian palm oil was slightly firmer.
The Canadian dollar was down roughly a third of a cent relative to its U.S. counterpart.
The January canola contract was holding just above its 50-day moving average in early trade.
About 13,600 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric tonne at 8:48 CDT:
Canola Nov 623.60 dn 3.40
Jan 638.60 dn 2.70
Mar 649.90 dn 2.30
May 659.70 dn 2.40
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
