WINNIPEG – The ICE Futures canola market was in decline on Wednesday due to pressure from vegetable oils.
Chicago soyoil extended its losses, as well as those for European rapeseed and Malaysian palm oil. However, crude oil showed some strength, providing support for canola prices.
One analyst said the overall weakness in the Chicago soy complex is bringing canola prices down, adding that selling across the Chicago Board of Trade (CBOT) was attributed to the debate in the United States Congress whether or not to raise the country’s debt ceiling. The analyst also believed soyoil could eventually fall to 35 U.S. cents per pound.
The Canadian dollar lost nearly two-tenths of a U.S. cent compared to Tuesday’s close.
Nearly 16,050 canola contracts were traded as of 10:22 CDT.
Price Change
Jul 725.60 dn 3.60
Nov 697.50 dn 1.70
Jan 699.40 dn 3.10
Mar 702.40 dn 3.50
