By Glen Hallick, MarketsFarm
WINNIPEG, April 28 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly lower on Thursday morning, after closing higher for five consecutive sessions.
Volumes were especially light for the nearby May contract, which receives its first notice tomorrow.
Declines in the Chicago soy complex, Malaysian palm oil and European rapeseed weighed on values. Global crude oil prices were relatively steady, which provided little direction to edible oils.
Spring planting is underway in parts of Alberta, particularly in the south. However, seeding in southern Manitoba will be delayed well into May due to excessive moisture. A third Colorado Low is forecast to bring more rain to the Keystone province over the weekend.
The Canadian dollar was lower Thursday morning as the United States dollar continued its surge upward. The loonie slipped to 77.78 U.S. cents, compared to Wednesday’s close of 77.95.
About 2,050 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Price Change
Canola May 1,211.70 dn 6.90
Jul 1,204.40 dn 4.40
Nov 1,108.60 dn 4.00
Jan 1,113.00 dn 2.80
