By Glen Hallick, MarketsFarm
WINNIPEG, June 23 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures fell back more on Thursday morning, continuing its retreat for what could become a seventh-consecutive session.
Pressure came from losses in Chicago soybeans and soymeal, while soyoil was virtually unchanged. Lower European rapeseed prices weighed on canola values, but support came from gains in Malaysian palm oil. Slightly lower global crude oil prices added pressure on vegetable oils.
A series of systems continued to bring rain to the Prairies, aiding the development of the region’s crops.
The Canadian dollar was slightly lower on Thursday morning. The loonie eased back to 77.18 U.S. cents, compared to Wednesday’s close of 77.27.
About 12,750 contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric tonne at 8:34 CDT:
Price Change
Canola Jul 930.70 dn 21.20
Nov 892.30 dn 19.80
Jan 897.90 dn 20.10
Mar 901.50 dn 20.50
