ICE Canola Moves Lower With Soybeans

WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were declining in the middle of Thursday trading as well as comparable oils.

U.S. Treasury Secretary Scott Bessent stated after a meeting between U.S. President Trump and Chinese President Xi Jinping that "soybeans are all taken care of." Trump also confirmed to Fox News that China has agreed to buy more U.S. soybeans, which caused the oilseed to fall by nearly 40 U.S. cents per bushel.

The downturn spilled over into canola, said an analyst, but he added that soybeans were already overbought in a large net long position and growing areas will see plenty of rain in the next week. He suggests soybean growers should use other crops as a hedge.

Chicago soyoil was down nearly one U.S. cent per pound, while European rapeseed and Malaysian palm oil were also lower.

The Canadian dollar was down two-tenths of a U.S. cent compared with Wednesday's close, providing support for canola.

About 25,200 canola contracts have traded at 10:25 a.m. CDT.

Prices in Canadian dollars per metric ton:

 
           Price      Change 
Jul       738.20     dn 9.60 
Nov       749.50    dn 10.20 
Jan       757.70    dn 10.20 
Mar       764.60     dn 9.20 
 

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

(END) Dow Jones Newswires

05-14-26 1153ET