By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 1 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midsession on Wednesday, being pulled down by weakness in comparable oils.
The Chicago soy complex was experiencing significant declines in soybeans and especially soyoil, while soymeal was down slightly. European rapeseed was grinding lower, and the Malaysian palm oil market was closed today. Modest losses in global crude oil prices added more pressure to vegetable oils.
An analyst noted that canola pushes upward for a few days only to pull back for a few days, remaining rangebound.
The Canadian Grain Commission reported that 2022/23 canola exports to the end of December tallied 3.56 million tonnes, with nearly half destined for China. Total year-to-date grain exports came to 20.50 million tonnes, almost 35 per cent more than a year ago.
The Canadian dollar was slightly higher on Wednesday, with the loonie at 75.05 U.S. cents, compared to Tuesday’s close of 74.91.
Approximately 11,500 canola contracts were traded as of 10:23 CST.
Prices in Canadian dollars per metric tonne at 10:23 CST:
Price Change Canola Mar 825.50 dn 6.40 May 824.70 dn 6.50 Jul 826.70 dn 6.30 Nov 805.60 dn 6.80
