By Glen Hallick, MarketsFarm
WINNIPEG, June 9 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were down hard on Thursday morning, following significant losses in European rapeseed and Malaysian palm oil.
The Chicago soy complex also saw declines in soyoil, while soybeans were mixed and soymeal was up. Small losses in global crude oil prices contributed to the downturn in vegetable oils.
The first of a series of systems over the next several days has brought rain over parts of the Prairies. Come the weekend, more precipitation is expected in those areas where spring planting is well behind.
The United States Department of Agriculture is scheduled to release its monthly supply and demand estimates tomorrow. The trade projected a larger U.S. soybean crop, which will have some effect on canola.
The Canadian dollar was lower on Thursday morning with the loonie at 79.46 U.S. cents, compared to Wednesday’s close of 79.74.
About 7,650 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change
Canola Jul 1,097.00 dn 25.90
Nov 1,038.30 dn 24.90
Jan 1,043.90 dn 25.70
Mar 1,044.80 dn 27.40
