ICE Canola Prices Ease Back

WINNIPEG, Manitoba--Intercontinental Exchange canola futures slipped Thursday morning, due to a lack of sufficient support from comparable oils.

Chicago soyoil and European rapeseed were higher, but Malaysian palm oil was lower. Additional pressure came from small losses in Chicago soybeans, while soymeal eased back. Small upticks in global crude oil prices provided some spillover to the vegetable oils.

Saskatchewan is scheduled to issue its weekly crop report later this morning. Last week, spring planting was 89% complete province-wide which was three percentage points behind the five-year average.

Crush margins pulled back a little but remained quite healthy to underpin canola values.

The Canadian dollar was higher Thursday morning, with the loonie at 74.88 U.S. cents compared with Wednesday's close of 74.76.

About 6,100 contracts had traded as of 9:37 a.m. EDT.

Prices in Canadian dollars per metric ton at 9:37 a.m. EDT:

 
                 Price    Change 
Canola      Jul  668.30  dn 1.90 
            Nov  645.60  dn 1.80 
            Jan  651.40  dn 2.60 
            Mar  658.10  dn 2.30 
 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

06-08-23 1005ET