WINNIPEG – The ICE Futures canola market extended Thursday’s losses, pressured by the loonie and negative sentiment in vegetable oils.
While Chicago soyoil was up, European rapeseed and Malaysian palm oil both sharply dropped. Crude oil, however, gained US$1 per barrel despite being on track for a sixth straight monthly loss.
One analyst said that canola is following the lead of grains on the Chicago Board of Trade (CBOT), adding that a multitude of factors will bring even more pressure to prices.
“I think canola has as much value as any of the grains, but if you have funds selling, no demand and a little bit of farmer selling, prices have to come down,” the analyst said.
The Canadian dollar is up one-quarter of a United States cent compared to Thursday’s close.
Nearly 24,050 canola contracts were traded as of 10:31 CDT as traders exit May contracts.
Price Change
May 757.40 up 22.90
Jul 701.00 dn 7.60
Nov 680.40 dn 3.00
Jan 686.80 dn 2.50
