Glacier FarmMedia MarketsFarm – The ICE Futures canola market went back into negative territory on Thursday, mainly due to weakness in comparable oils and a stronger Canadian dollar.
Chicago soyoil and Malaysian palm oil were both in the red, while European rapeseed was mixed. Crude oil had a negative correction after rallying over the past few days.
The loonie was up one-third of a United States cent compared to Wednesday’s close.
One trader confirmed that canola became weaker by following soybeans and soyoil, adding that the loonie may also be having an effect on prices.
About 18,800 contracts have traded at 10:13 CST. Prices in Canadian dollars per metric tonne:
Price Change
Jan 647.10 dn 1.20
Mar 660.50 dn 1.30
May 669.20 dn 1.30
Jul 675.10 dn 1.30
