WINNIPEG – The ICE Futures canola market was in decline on Wednesday despite rising prices for comparable oils.
One trader said that while there was some buying earlier this morning, canola prices have come down due to weakness in soybeans and soymeal. The trader attributed this weakness to rains falling on drought-stricken growing areas in Argentina.
Chicago soyoil, along with Malaysian palm oil were both higher, while European rapeseed was lower. Crude oil was gaining more than US$1 per barrel due to optimism over rebounding Chinese demand and a report from the International Energy Agency (IEA) predicting record demand in 2023.
The Canadian dollar was down less than one-tenth of a United States cent compared to Tuesday’s close.
Nearly 19,980 canola contracts were traded as of 10:15 CST.
Price Change
Mar 839.90 dn 2.00
May 839.10 dn 1.10
Jul 840.50 dn 1.20
Nov 819.10 dn 3.80
