By Glen Hallick, MarketsFarm
WINNIPEG, June 30 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were lower at midday Thursday, due to losses in comparable oils.
Declines in global crude oil prices weighed on vegetable oils. That led to weakness in the Chicago soy complex and in the overnight session for Malaysian palm oil. The front months in European rapeseed were slightly lower, while the more deferred positions were higher.
An analyst said weather conditions on the Canadian Prairies are close to ideal, but the region could use temperatures warmer than the current 20 to 25 degrees Celsius.
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The analyst also said today’s planted acres and quarterly stocks reports from the United States Department of Agriculture could be something of a “whiffle ball” in not having much of an impact on the markets. The reports will be released at 11 am CDT.
Come Tuesday, Statistics Canada will issue its planted acre estimates.
Today is the first notice day for July futures. The July canola contract has seen very little activity.
The Canadian dollar was a pinch lower with the loonie at 77.57 U.S. cents, compared to Wednesday’s close of 77.65.
The canola market will be closed on Friday for Canada Day and the U.S. markets will be closed on Monday for Independence Day.
Approximately 10,850 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola Jul 928.90 up 29.80
Nov 887.30 dn 4.80
Jan 895.30 dn 4.00
Mar 903.10 dn 2.70
