WINNIPEG – The ICE Futures canola market took a tumble at midday on Thursday, following the lead in vegetable oils.
Chicago soyoil and European rapeseed both had major downturns, while Malaysian palm oil was also in the red. However, crude oil was struggling to find direction.
Statistics Canada (StatCan) released its first survey-based seeding intentions report for 2023-24 on Wednesday, showing that it expects Canadian canola acres to total 21.6 million, a 0.9 per cent increase from last year.
One trader stated that Chicago soyoil and European rapeseed were both dragging down canola prices, adding that canola “cannot hold up on its own.”
The Canadian dollar was up less than one-tenth of a United States cent compared to Wednesday’s close.
Nearly 15,000 canola contracts were traded as of 10:26 CDT.
Price Change
May 748.40 dn 6.60
Jul 724.30 dn 10.60
Nov 697.00 dn 6.30
Jan 702.80 dn 6.20
