Glacier FarmMedia – Canola futures on the Intercontinental Exchange traded lower on Thursday, losing yesterday’s gains on account of weakness in vegetable oils.
An analyst expects canola to take part in choppy trade over the coming days. However, he predicts canola prices will fall into the C$620 to C$630 per tonne range.
Chicago soyoil and Malaysian palm oil were lower while European rapeseed was mixed. However, crude oil was higher as the potential for September interest rate cuts from the United States Federal Reserve brought optimism to the markets.
The western Prairies will have cooler temperatures on Thursday with most areas seeing clear skies. However, rain and thunderstorms will occur in the Lethbridge area as well as southern Manitoba.
The Canadian dollar was down nearly two-tenths of a U.S. cent compared to Wednesday’s close.
About 24,900 canola contracts have traded at 10:22 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 654.80 dn 5.00
Jan 667.70 dn 5.10
Mar 677.80 dn 5.50
May 686.40 dn 6.20
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
