ICE canola turns lower Thursday

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was posting losses Thursday morning, moving lower for the first time this week.

Chinese tariffs on Canadian canola oil and meal are set to come into effect today, accounting for some of the selling pressure.

Losses in Chicago soyoil added to the softer tone in the canola market, although European rapeseed and Malaysian palm oil futures were higher.

Canola remains cheap compared to other global oilseeds, keeping some end user buying interest underneath the market.

About 20,500 canola contracts had traded as of 8:58 CDT.

Prices in Canadian dollars per metric ton at 8:58 CDT:

Canola            May   578.70    dn  5.50

Jul   589.20    dn  5.30

Nov   592.40    dn  6.10

Jan   599.00    dn  7.00