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ICE canola turns lower Thursday morning

| 1 min read

     Glacier FarmMedia — ICE canola futures turned lower Thursday morning, retreating from overnight gains.

  • Mixed signals over the war in the Middle East kept caution in the markets, after nearly four weeks of conflict.
  • Gains in crude oil provided some spillover support for the oilseeds, with Chicago soyoil also holding onto small gains.
  • However, soyoil was off its overnight highs, while European rapeseed and Malaysian palm oil were mixed.
  • May canola settled above its 20-day moving average on Wednesday, which was supportive from a chart standpoint.
  • The Canadian dollar was softer Thursday morning, underpinning crush margins which remain historically wide.
  • About 20,200 canola contracts had traded as of 8:53 CDT.

     Prices in Canadian dollars per metric tonne at 8:53 CDT:

Canola            May   726.50    dn  0.70

                  Jul   739.00    dn  0.90

                  Nov   733.40    dn  0.70

                  Jan   737.70    dn  1.80

Access the latest futures prices at https://www.producer.com/markets-futures-prices/

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