ICE Canola Midday: Losses pressing for second day
Lack of support from comparable oils
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures continued lower late Thursday morning, due to a lack of support from comparable oils.
The Chicago soy complex was relatively steady, while there were losses in European rapeseed and Malaysian palm oil. As crude oil stepped back, it put pressure on the vegetable oils.
An analyst said the declines in canola were not concerning, but it was “certainly flattening off.”
A tightening canola supply situation in Canada limited how far the oilseed could pull back.
In the meantime a measure of caution loomed over the markets, stemming from uncertainty over tariffs instigated by the Trump administration.
The Canadian dollar was stronger at mid-session Thursday with a sharp decline in its United States counterpart. The loonie rose to 70.34 U.S. cents compared to Wednesday close of 69.94.
Approximately 33,450 canola contracts were traded as of 10:18 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 657.60 dn 3.20 May 666.40 dn 3.30 Jul 670.70 dn 2.70 Nov 646.90 dn 2.40
