By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 5 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were slightly lower in choppy trading on Thursday morning, in search of a clear direction.
Support for the Canadian oilseed came from upticks in Chicago soyoil and European rapeseed, while pressure came from losses in soybeans and soymeal, as well as Malaysian palm oil. Global crude oil prices were narrowly mixed, providing little direction to vegetable oils.
Additional support for canola continued to come from strong crush margins.
The Canadian dollar was lower on Thursday morning. The loonie slipped to 73.87 U.S. cents compared to Wednesday’s close of 74.03.
About 5,750 contracts had traded as of 8:41 CST.
Prices in Canadian dollars per metric tonne at 8:41 CST:
Price Change Canola Mar 868.90 dn 0.10 May 866.10 dn 0.40 Jul 865.10 dn 0.70 Nov 833.50 dn 1.10
