By Glen Hallick, MarketsFarm
WINNIPEG, May 18 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Thursday morning due to declines in most comparable oils.
The Chicago soy complex and Malaysian palm oil were to the downside, while there were upticks in European rapeseed. Global crude oil prices were slightly lower, adding more pressure on the vegetable oils.
Crush margins nudged up a little but remain well below levels from a month ago.
Saskatchewan is scheduled to issue its crop report later this morning. Last week, spring planting across the province was estimated to be nine per cent complete, with most of the progress in the western half.
The Canadian dollar was slightly lower on Thursday morning, with the loonie at 74.17 U.S. cents compared to Wednesday’s close of 74.28.
About 10,750 contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change Canola Jul 710.40 dn 3.90 Nov 678.70 dn 7.20 Jan 679.80 dn 9.10 Mar 683.70 dn 8.60
