WINNIPEG – The ICE Futures canola market was trading lower on Thursday following extended losses in crude oil.
Despite a 4.5 million barrel draw in United States stockpiles last week, according to the Energy Information Administration (EIA), economic pessimism helped bring crude oil prices down. Chicago soyoil was steady, European rapeseed was down and Malaysian palm oil traded higher.
The Canadian dollar was down more than two-tenths of a U.S. cent from Wednesday’s close.
Prices in Canadian dollars per metric ton as of 8:42 CDT:
May 764.20 dn 8.30
Jul. 736.00 dn 7.90
Nov. 706.90 dn 7.40
Jan. 711.90 dn 7.40
