By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 3 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly lower on Thursday as they attempt to recover from larger losses.
Pressure on the Canadian oilseed came from declines in the Chicago soy complex, European rapeseed and Malaysian palm oil. Also, global crude oil prices were lower which weighed on vegetable oil values. A sharp uptick in the United States dollar also applied pressure to the grain markets, according to an analyst.
In the meantime, the U.S. dollar was forcing the Canadian dollar lower. The loonie fell to 72.88 U.S. cents, compared to Wednesday’s close of 73.37.
The Canadian Grain Commission (CGC) issued its monthly export sales report for September, with Mexico as the main destination for canola. Mexico bought 122,100 tonnes of the oilseed compared to the 65,100 tonnes acquired by China. Total canola exports for the month are 201,400 tonnes with 2022/23 exports at 336,700 tonnes.
Approximately 19,700 canola contracts were traded as of 10:21 CDT.
Prices in Canadian dollars per metric tonne at 10:21 CDT:
Price Change
Canola Jan 896.00 up 1.30
Mar 896.80 dn 0.30
May 901.00 dn 0.90
Jul 902.50 dn 1.40
