By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 3 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were trying to shed their overnight losses on Thursday morning.
However, pressure was coming from losses in the Chicago soybeans and soyoil, as well as European rapeseed. Support came from gains in Chicago soymeal. The Malaysian palm oil market was closed for the Lunar New Year.
Meanwhile, global crude oil prices took a step back, putting pressure on edible oils.
Tight supplies continued to underpin canola values.
The Canadian dollar was virtually unchanged on Thursday morning, with the loonie at 78.89 U.S. cents, compared to Wednesday’s close of 78.88.
About 2,250 canola contracts had traded as of 8:39 CST.
Prices in Canadian dollars per metric tonne at 8:39 CST:
Price Change
Canola Mar 1,019.50 dn 3.00
May 1,006.80 dn 2.30
Jul 981.90 dn 1.20
Nov 839.90 dn 4.90
