ICE Canada Morning Comment: Canola slipping back
Some support from gains in crude oil
By Glen Hallick, MarketsFarm
WINNIPEG, July 27 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were weaker on Thursday morning, following declines in Chicago soyoil, European rapeseed and Malaysian palm oil.
There was some support for canola coming from gains in Chicago soybeans and soymeal.
Global crude oil prices were moderately higher, with spillover going into vegetable oils.
The Canadian dollar is on the upswing Thursday morning, as the loonie rises to 75.90 U.S. cents compared to Wednesday’s close of 75.64.
About 7,150 contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric tonne at 8:35 CDT:
Price Change Canola Nov 819.20 dn 11.60 Jan 821.90 dn 11.90 Mar 819.10 dn 11.20 May 811.10 dn 10.30
