WINNIPEG, Manitoba--Intercontinental Exchange canola futures were lower Thursday morning, due to pressure from losses in the Chicago soy complex and European rapeseed. The declines in canola were tempered by increases in global crude oil prices.

Canola crush margins remained relatively firm, with the old crop positions still more than C$170 per metric ton above the futures.

The soybean harvest in Brazil and a large crop set to come out of Argentina in the coming months put pressure on the world oilseed market, including canola.

The Canadian dollar eased back Thursday morning with the loonie at 74.05 U.S. cents compared with Wednesday's close of 74.16.

Approximately 5,750 contracts had traded by 9:35 a.m. EST and prices in Canadian dollars per metric ton were: 


 
                  Price    Change 
Canola       Mar  631.30  dn 3.00 
             May  636.00  dn 3.10 
             Jul  639.40  dn 3.30 
             Nov  638.30  dn 2.30

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

01-25-24 1001ET