WINNIPEG, Manitoba--The ICE Futures canola market returned to the red on Thursday, mainly due to seasonal pressure and a lack of support from comparable oils.
Chicago soyoil was down as well as Malaysian palm oil. European rapeseed was steady to lower. However, crude oil made small gains despite a build in United States stockpiles.
The Canadian dollar was down one-third of a U.S. cent compared to Wednesday's close. The U.S. Federal Reserve announced on Wednesday it was leaving its key interest rate unchanged with only one rate cut planned this year.
One analyst said while there is some room for canola prices to bounce back, seasonal pressure and little support from outside markets are strong negative influences.
Rains are expected for much of the Prairies this weekend, with 20 to 40 millimetres expected for northern regions and five to 10 mm in the south in the following five days.
About 32,000 contracts have traded at 11:11 ET. Prices in Canadian dollars per metric ton:
Price Change
Jul 624.30 dn 7.60
Nov 638.30 dn 10.10
Jan 645.50 dn 9.70
Mar 650.40 dn 8.50
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
06-13-24 1141ET
