WINNIPEG – The ICE Futures canola market continued to show weakness on Thursday despite mixed sentiment in comparable oils.
European rapeseed and Malaysian palm oil were both in decline. However, strength in Chicago soyoil capped canola’s losses, while crude oil prices were up more than one United States dollar per barrel.
The Canadian dollar was up one-quarter of a U.S. cent compared to Wednesday’s close.
One analyst said that weakness in European rapeseed was primarily responsible for pulling down canola prices.
The U.S. Department of Agriculture will release its monthly World Agricultural Supply/Demand Estimates today at 11 a.m. CST.
About 14,200 contracts have traded at 10:11 CST. Prices in Canadian dollars per metric tonne:
Price Change
Jan 693.80 dn 5.50
Mar 702.00 dn 5.00
May 708.10 dn 4.70
Jul 713.30 dn 4.20
