ICE Canada Morning Comment: Canola weaker, following other veg oils

Source: Canadian Cattlemen

By Glen Hallick, MarketsFarm

WINNIPEG, March 25 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Thursday morning, due to declines in other edible oils.

Besides small to moderate losses in European rapeseed and Malaysian palm oil, there was a sharp drop in Chicago soyoil.

Canola will be watching the movements in the United States markets as the United States Department of Agriculture reports on prospective planting in 2021 and on quarterly grain stocks out March 31.

The Canadian Grain Commission is scheduled to issue its next grain movement report this afternoon.

The Canadian dollar was lower, with the loonie at 79.42 U.S. cents, compared to Wednesday’s close of 79.61.

About 2,450 canola contracts had traded as of 8:45 CDT.

Prices in Canadian dollars per metric tonne at 8:45 CDT:

Price Change
Canola May 785.00 dn 11.10
Jul 734.40 dn 9.40
Nov 607.50 dn 7.30
Jan 611.60 dn 7.10