WINNIPEG, Manitoba--The ICE Futures canola market was taking another step back on Thursday, pressured by comparable oils and a stronger Canadian dollar.
Chicago soyoil, European rapeseed and Malaysian palm oil were all in decline. Crude oil was slightly lower despite upcoming supply cuts from OPEC+. One analyst confirmed that comparable oils were pressuring canola and anticipated weakness in the United States dollar could result in a stronger Canadian dollar which would add more pressure on canola values.
The loonie was up one-quarter of a U.S. cent compared to Wednesday's close.
Parts of southeastern Alberta and southwestern Saskatchewan are expected to see at least 20 millimetres of water equivalent precipitation today. Meanwhile, the eastern Prairies will be dry with high temperatures above 10 degrees Celsius.
About 28,800 contracts have traded at 10:12 CDT.
Prices in Canadian dollars per metric tonne:
Price Change
May 629.70 dn 4.50
Jul 638.40 dn 4.50
Nov 646.50 dn 4.90
Jan 653.10 dn 5.40
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-04-24 1146ET
