By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 13 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Thursday morning, due to weakness in comparable oils.
That included pull backs in the Chicago soy complex, European rapeseed and Malaysian palm oil. Declines in global crude oil prices weighed on vegetable oils.
The Prairie weather forecast has Alberta dry and warm for this time of year, while moving eastward conditions change to wet and cold with some flurries in Manitoba.
Yesterday’s world oilseed report from the United States Department of Agriculture pegged Canada’s 2022/23 canola crop at 19.5 million tonnes. Statistics Canada’s current estimate placed the harvest at nearly 19.1 million tonnes.
The Canadian dollar dropped below 72 U.S. cents on Thursday morning. A strengthening U.S. dollar sent the loonie tumbling to 71.67, compared to Wednesday’s close of 72.45.
About 6,000 contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change
Canola Nov 860.10 dn 4.70
Jan 866.90 dn 5.20
Mar 874.10 dn 4.70
May 875.20 dn 4.70
