ICE Canola Moving to the Downside

WINNIPEG, Manitoba--Intercontinental Exchange canola futures pulled back Wednesday morning, lacking sufficient support from comparable oils.

Chicago soybeans and soyoil were to the downside, while soymeal was narrowly mixed. Malaysian palm oil was on the rise and European rapeseed was on either side of unchanged. Global crude oil prices were slightly higher.

There were gains in the canola crush margins, with the old crop positions rising to C$195 to C$202 per metric ton above the futures.

The Canadian dollar was relatively steady on Wednesday morning as the loonie nudged up to 73.81 U.S. cents compared with Tuesday's close of 73.77.

Traders continued to roll out of the March contract, accounting for the higher than usual volumes.

Approximately 13,350 contracts had traded by 9:35 a.m. EST and prices in Canadian dollars per metric ton were:

 
                  Price    Change 
Canola       Mar  590.90  dn 4.60 
             May  598.10  dn 4.40 
             Jul  605.10  dn 3.90 
             Nov  607.60  dn 1.90 
 
 

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

(END) Dow Jones Newswires

02-14-24 1000ET