By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 15 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Wednesday morning, getting pressure from losses in comparable oils.
There were declines in the Chicago soy complex, but soyoil was attempting to recover. European rapeseed and Malaysian palm oil were down as well. Added to that were small decreases in global crude oil prices that weighed on vegetable oils.
As canola crush margins remained quite strong, domestic processors were said to be operating close to full capacity. However, supplies in the commercial pipeline are believed to be sufficient for the time being but limiting end user demand.
With a sharp upswing in the United States dollar, the Canadian dollar was weaker on Wednesday morning. The loonie dropped to 74.50 U.S. cents compared to Tuesday’s close of 74.93.
About 6,800 contracts had traded as of 8:44 CST.
Prices in Canadian dollars per metric tonne at 8:44 CST:
Price Change Canola Mar 822.00 dn 4.10 May 814.40 dn 3.30 Jul 811.40 dn 3.60 Nov 787.60 dn 3.90
