ICE Canola Futures Easing Back With Lower Comparable Oils

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were mostly lower on Thursday as they attempt to recover from larger losses.

Pressure on the Canadian oilseed came from declines in the Chicago soy complex, European rapeseed and Malaysian palm oil. Also, global crude oil prices were lower which weighed on vegetable oil values.

A sharp uptick in the United States dollar also applied pressure to the grain markets, according to an analyst.

In the meantime, the U.S. dollar was forcing the Canadian dollar lower. The loonie fell to 72.88 U.S. cents, compared to Wednesday's close of 73.37.

The Canadian Grain Commission issued its monthly export sales report for September, with Mexico as the main destination for canola. Mexico bought 122,100 metric tons of the oilseed compared with the 65,100 tons acquired by China.

Total canola exports for the month are 201,400 tons with 2022/23 exports at 336,700 tons.

Approximately 19,700 canola contracts were traded as of 11:21 EDT.

Prices in Canadian dollars per metric ton at 11:21 EDT:

                   Price   Change 
Canola      Jan   896.00  up 1.30 
            Mar   896.80  dn 0.30 
            May   901.00  dn 0.90 
            Jul   902.50  dn 1.40 
 

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

(END) Dow Jones Newswires

11-03-22 1148ET