WINNIPEG – Intercontinental Exchange (ICE) canola futures slipped on Thursday morning, due to a lack of sufficient support from comparable oils.
Chicago soyoil and European rapeseed were up but Malaysian palm oil was lower. Additional pressure came from small losses in Chicago soybeans while soymeal eased back. Small upticks in global crude oil prices provided some spillover to the vegetable oils.
Saskatchewan is scheduled to issue its weekly crop report later this morning. Last week, spring planting was 89 per cent complete province-wide which was three points behind the five-year average.
Crush margins pulled back a little but remained quite healthy to underpin canola values.
The Canadian dollar was higher on Thursday morning, with the loonie at 74.88 U.S. cents compared to Wednesday’s close of 74.76.
About 6,100 contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Price Change Canola Jul 668.30 dn 1.90 Nov 645.60 dn 1.80 Jan 651.40 dn 2.60 Mar 658.10 dn 2.30
