ICE Canola Midday: Prices pulling back with weaker comparable oils
April S&D report at 11 am CDT
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were weaker by mid-session Thursday, as they followed declines in comparable oils.
There were sharp losses in Chicago soyoil along with more moderate pullbacks in soybeans and European rapeseed. Meanwhile, soymeal bumped up. Decreases in global crude oil prices added more pressure on the veg oils.
The April supply and demand estimates, to be published by the United States Department of Agriculture today at 11 am CDT, are unlikely to have any major effect on the markets, according to an analyst. The trade will keep on eye on U.S. corn and soybean ending stocks, as well as corn and soybean production numbers for Brazil and Argentina.
Additional pressure on canola came from its May contract falling below its 20-day and 100-day moving averages.
The Canadian dollar continued to retreat late Thursday morning as the loonie slipped to 72.89 U.S. cents compared to Wednesday’s close of 73.15.
Approximately 37,250 canola contracts were traded as of 10:27 CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola May 625.00 dn 13.80 Jul 636.40 dn 12.70 Nov 646.30 dn 12.40 Jan 656.10 dn 9.20
