By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 5 (MarketsFarm) – Intercontinental Exchange canola futures continued to peel back on Thursday morning, due to pressure from weaker comparable oils.
There were declines in the Chicago soy complex, European rapeseed and Malaysian palm oil. As global crude oil prices slipped, they weighed on vegetable oils.
Speculative selling also contributed to the downturn in canola, with the nearby November contract sliding below its psychological support level of C$710 per tonne.
As combining continued on the Prairies, lingering harvest pressure was still being felt but operations are close to wrapping up for the year. Saskatchewan is set to release its crop report later today.
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Rain was falling over much of the eastern Prairies on Thursday, while the western half of the region was to be dry.
Canola crush margins remained very strong with the November positions between C$220 and C$250 per tonne above futures.
The Canadian dollar dipped on Thursday morning with the loonie at 72.69 U.S. cents compared to Wednesday’s close of 72.76.
About 12,250 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change Canola Nov 705.80 dn 5.00 Jan 713.70 dn 5.90 Mar 721.90 dn 5.70 May 725.90 dn 6.60
