Glacier FarmMedia MarketsFarm – The ICE Futures canola market took another step back on Thursday to go along with declines in comparable oils.
Chicago soyoil and Malaysian palm oil were lower while European rapeseed was mixed. Crude oil was also in the red as reports of a slowdown in the United States economy outweighed a draw in domestic inventories.
The Canadian dollar was steady compared to Wednesday’s close.
One trader said that canola appears to be bearish in the long-term considering the large negative spread between the July and November contracts as well as the potential for average production this summer.
About 30,700 contracts have traded at 10:32 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 617.50 dn 9.20
Jul 630.00 dn 9.40
Nov 646.20 dn 9.00
Jan 654.00 dn 9.10
