By Glen Hallick, MarketsFarm
WINNIPEG, May 19 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were retreating on Thursday morning, taking their cue from declines in other comparable oils.
As sharp drops in global crude oil prices put pressure on edible oils, Chicago soyoil was falling back along with European rapeseed and Malaysian palm oil. Gains in Chicago soybeans and soymeal were tempering further losses.
The divergent conditions spanning the Prairies have added to the uncertainty surrounding this year’s crops. As rain fell across the region, the drought-stricken areas were receiving only scattered showers. The added moisture to thoroughly soaked areas of the Prairies only further delays spring planting’s main effort.
The Canadian dollar was higher on Thursday morning with the loonie at 78.05 U.S. cents, compared to Wednesday’s close of 77.88.
About 5,050 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change
Canola Jul 1,144.10 dn 8.00
Nov 1,059.00 dn 10.10
Jan 1,062.10 dn 11.10
Mar 1,062.00 dn 12.00
