By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 16 (MarketsFarm) – Intercontinental Exchange canola futures were being driven lower at mid-morning Thursday, caught up in a selloff affecting the futures and equities markets.
“The funds are pressing the sell button,” an analyst said.
Pressure on canola was also coming from a weaker Chicago soy complex, along with declines in European rapeseed and Malaysian palm oil. Sharp losses in global crude oil prices further contributed to the downturn in vegetable oils.
The analyst also noted the forecast for rain throughout much of Argentina and Brazil weighed on the veg oils.
The Canadian dollar was lower at mid-Thursday morning with the loonie slipping to 72.75 U.S cents compared to Wednesday’s close of 73.13.
Approximately 14,300 canola contracts were traded as of 10:21 CST.
Prices in Canadian dollars per metric tonne at 10:21 CST:
Price Change Canola Jan 708.00 dn 11.50 Mar 713.40 dn 11.70 May 716.70 dn 11.80 Jul 720.00 dn 11.40
