WINNIPEG – The ICE Futures canola market was under pressure from comparable oils on Thursday after two days of gains.
Chicago soyoil lost more than one United States cent per pound and European rapeseed was also lower. Crude oil was in the red to start the day as well. There was no trading for Malaysian palm oil due to a holiday.
The Canadian dollar was up one-tenth of a U.S. cent compared to Wednesday’s close.
One trader said that despite canola’s downturn, the oilseed is faring much better than soyoil, where the funds appear to be exiting.
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“(Canola’s) showing good relative strength. But obviously it’s going to be hard for canola to go up when soyoil’s that weak,” the trader added.
Rain is expected for all three Prairie provinces later today. High temperatures will be in the high-teens in Alberta and Saskatchewan while southern Manitoba will see the mercury rise to above 20 degrees Celsius.
About 17,500 contracts had traded at 10:24 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 718.00 dn 8.10
Jan 726.30 dn 8.40
Mar 732.10 dn 7.90
May 735.50 dn 7.70
