By Glen Hallick
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were attempting to shed their losses on Thursday morning, despite little support from comparable oils.
An analyst said canola has been dropping back this week due to increased yield expectations for this year and China’s tariffs on Canadian canola seed and its products.
“The market is trying to find a level that incorporates these things,” the analyst said.
He added harvest pressure is building and there’s softness in Chicago soybeans.
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Not only were the soybeans lower, but the soyoil as well while the soymeal was narrowly mixed. Declines in European rapeseed and Malaysian palm added more pressure on canola, while modest losses in crude oil weighed on the vegetable oils.
Manitoba reported its overall harvest was 29 per cent complete, with its canola at 10 per cent finished.
The Canadian dollar was falling back by mid-session Thursday, with the loonie at 72.24 U.S. cents compared to Wednesday’s close of 72.50.
Approximately 35,600 canola contracts were traded as of 10:29 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 617.00 up 0.10 Jan 628.40 unchanged Mar 639.00 dn 0.20 May 648.90 dn 0.10
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
