WINNIPEG – The ICE Futures canola market extended its losses suffered on Tuesday while comparable oils had mixed sentiment.
Chicago soyoil was lower, but European rapeseed and Malaysian palm oil were on either side of unchanged. Crude oil was in negative territory, correcting itself from the gains made one day earlier.
The Canadian dollar was down more than one-tenth of a United States cent compared to Tuesday’s close. The Bank of Canada announced earlier today it will leave its key interest rate unchanged at five per cent.
One analyst said that canola’s downturn is based primarily on harvest pressure and technical trading. The analyst added that if canola prices go below C$780 per tonne, they can drop even further. However, tightening supplies of vegetable oils could bring support.
Temperatures across the Prairies will range from the high-teens to the mid-20 degrees Celsius with parts of Alberta and Saskatchewan experiencing rainfall.
About 20,350 contracts had traded at 10:17 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 794.70 dn 2.80
Jan 802.00 dn 2.70
Mar 804.30 dn 3.60
May 803.60 dn 4.20