By Glen Hallick, MarketsFarm
WINNIPEG, April 21 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Thursday morning, taking their cue from declines in the Chicago soy complex.
While old crop European rapeseed spiked upward, there were losses in the new crop positions. Meanwhile, Malaysian palm oil was mixed. There were moderate increases in global crude oil prices, which lent support to edible oils.
Just as an Alberta Clipper wanes, a Colorado Low is expected to bring significant amounts of snow and rain to southeastern Saskatchewan and most of southern Manitoba over the weekend.
Statistics Canada is set to release its survey-based planting intentions report on Tuesday. Last year, Canadian farmers seeded almost 22.5 million acres of canola.
The Canadian dollar was slightly higher Thursday morning, with the loonie pushing to 80.12 U.S. cents, compared to Wednesday’s close of 79.99.
About 2,350 canola contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric tonne at 8:34 CDT:
Price Change
Canola May 1,155.00 dn 7.60
Jul 1,137.10 dn 7.70
Nov 1,045.00 dn 3.70
Jan 1,045.60 dn 4.80
