WINNIPEG – The ICE Futures canola market showed weakness on Wednesday and tested support levels despite strength in comparable oils.
While Chicago soyoil was down, Malaysian palm oil was up and European rapeseed was mostly higher. Crude oil gained more than US$1 per barrel after Tuesday’s explosion at a hospital in Gaza City. Iran’s foreign minister has called for an oil embargo on Israel.
The Canadian dollar was down nearly one quarter of a United States cent compared to Tuesday’s close.
Much of Saskatchewan and northern Alberta will see rain today, while high temperatures throughout the Prairies will range from 10 to 20 degrees Celsius.
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One trader said that deliveries have dropped off for canola as of late with some locations buying the oilseed at two cents per bushel under the futures.
“It’s pretty hard to say too much about what’s happening. In my point of view, it looks like a trading market. You buy and you sell and it keeps going up and down,” the trader said.
About 28,300 contracts have traded at 10:30 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 710.40 dn 8.80
Jan 716.10 dn 8.20
Mar 722.90 dn 6.70
May 726.30 dn 7.10
