By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were lower on Thursday morning, falling to levels not seen since early October.
Declines in European rapeseed and Malaysian palm oil weighed on canola values. There was little direction from the Chicago soy complex, with soybeans narrowly mixed, soyoil virtually unchanged and losses in soymeal. Crude oil climbed higher, with spillover underpinning the vegetable oils.
A lack of end user demand added more pressure on to canola and the oilseed slipped below its major moving averages.
While the possibility of trade action by China hovered in the background, expectations of a smaller canola harvest this year lent some support.
The Canadian dollar was higher on Thursday morning, with the loonie at 71.64 U.S. cents compared to Wednesday’s close of 71.46.
December options are scheduled to expire on Friday.
Approximately 11,600 contracts were traded by 8:35 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Jan 610.10 dn 7.00 Mar 623.40 dn 7.20 May 633.60 dn 6.60 Jul 639.00 dn 4.80
