Glacier FarmMedia MarketsFarm – As November comes to a close, the ICE Futures canola market was put under pressure by weaknesses in most comparable oils.
While Malaysian palm oil was stronger, Chicago soyoil was down and European rapeseed was mostly lower. Crude oil was also in decline as OPEC+ met today to discuss possible supply cuts.
The Canadian dollar was up more than one-tenth of a United States cent compared to Wednesday’s close.
One analyst said that European rapeseed is pulling down canola prices, adding that it is critical for the January contract to close above the psychological level of C$710 per tonne in order to see future gains.
Statistics Canada will release its principal field crop production report on Dec. 4.
About 17,000 contracts have traded at 10:10 CST. Prices in Canadian dollars per metric tonne:
Price Change
Jan 698.40 dn 3.90
Mar 702.90 dn 3.80
May 708.50 dn 4.00
Jul 713.50 dn 3.90
