By Glen Hallick, MarketsFarm
WINNIPEG, May 25 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Thursday as the front months lost their gains from earlier this morning.
There are really no big drivers around right now,” a trader commented, but took umbrage with the speculative activity.
“They’re just playing canola off of the soy market,” the trader stated, noting the crush margins had pulled back to more reasonable levels, only to be pushed back up again by the specs.
Support for canola was coming from an upswings in Chicago soyoil, European rapeseed and Malaysian palm oil. Pressure on the vegetable oils was felt from declines in global crude oil prices.
The Canadian dollar was lower at 73.37 U.S. cents on late Thursday morning, compared Wednesday’s close of 73.63.
Approximately 24,200 canola contracts were traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Price Change Canola Jul 696.30 dn 1.80 Nov 657.60 dn 3.00 Jan 660.80 dn 3.20 Mar 667.40 dn 1.40
