ICE Review : Canola Pulled Down by Soybeans

WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were dragged by a sharp downturn in soybean prices with comparable oils also in the red.

Meetings between U.S. President Donald Trump and Chinese President Xi Jinping failed to result in any increased sales of U.S. soybeans to the country, causing beans to fall by nearly 40 cents per bushel.

An analyst 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 suggested soybean growers should use other crops as a hedge.

Crude oil was narrowly mixed while Chicago soyoil and European rapeseed were lower.

At mid-afternoon, the Canadian dollar lost more than one-tenth of a U.S. cent compared to Wednesday's close.

There were 59,460 canola contracts traded on Thursday, compared to Wednesday when 55,415 contracts changed hands. Spreads accounted for 28,928 contracts in today's trade.

Settlement prices are in Canadian dollars per metric tonne.

 
           Price      Change 
Jul       736.00    dn 11.80 
Nov       747.60    dn 12.10 
Jan       755.40    dn 12.50 
Mar       761.40    dn 12.40 

Spread trade prices are in Canadian dollars:

 
Months    Prices                            Volume 
Jul/Nov   10.30 under to 13.00 under        13,078 
Jul/Jan   19.10 under to 20.60 under            45 
Jul/Mar   24.70 under to 25.40 under             2 
Nov/Jan   7.80 under to 8.10 under           1,097 
Nov/Mar   13.80 under to 14.10 under            19 
Nov/May   16.50 under to 16.80 under             5 
Nov/Jul   16.80 under to 17.80 under             1 
Jan/Mar   5.70 under to 6.20 under             160 
Mar/May   1.90 under to 2.70 under              46 
May/Jul   0.30 under                            11 
 

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

(END) Dow Jones Newswires

05-14-26 1514ET