By Glen Hallick, MarketsFarm
WINNIPEG, June 16 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) remained lower at midday Thursday, following comparable oils to the downside.
An analyst commented there’s a sell-off in the vegetable oil market that’s associated with the fluctuations in global crude oil prices. As well, weakness in the stock markets is “bleeding into the commodities,” he said.
Losses in Chicago soyoil weighed on canola values, but there’s support from increases in soybeans and soymeal. There were small gains in most European rapeseed contracts, while Malaysian palm oil was pulling back. Crude oil was narrowly mixed late this morning and not providing a clear direction for veg oils.
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Saskatchewan is scheduled to release its weekly crop report at 11 am CDT. Expectations are for spring planting to be virtually complete in the western half of the province, while the east is to mirror the slower progress made in Manitoba.
The Canadian dollar was a pinch higher, with the loonie at 77.31 U.S. cents, compared to Wednesday’s close of 77.23.
Approximately 11,500 canola contracts were traded as of 10:29 CDT.
Prices in Canadian dollars per metric tonne at 10:29 CDT:
Price Change
Canola Jul 1,070.00 dn 13.60
Nov 1,017.30 dn 19.70
Jan 1,022.10 dn 20.40
Mar 1,030.50 dn 14.30
