ICE Canola Pulling Back Amid Lower Chicago Soy Complex

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were lower Wednesday morning, due to declines in the Chicago soy complex.

Meanwhile, losses in canola were tempered by upticks in European rapeseed and Malaysian palm oil. Global crude oil prices were modestly higher, lending some support to vegetable oils.

Canola crush margins remained healthy, with the January and March positions holding firm at more than C$190 per metric ton above the futures.

The U.S. Department of Agriculture is scheduled to publish its monthly supply and demand estimates on Friday at 11 a.m. CST. Positioning ahead of the report is likely to spill over into canola.

The Canadian dollar was relatively steady on Wednesday morning with the loonie at 74.71 U.S. cents, compared with Tuesday's close of 74.68.

Approximately 7,850 contracts had traded by 9:35 a.m. EST and prices in Canadian dollars per metric ton were:

 
                 Price    Change 
Canola      Mar  619.50  dn 5.80 
            May  627.30  dn 5.60 
            Jul  633.40  dn 5.10 
            Nov  632.20  dn 5.10 
 
 

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

(END) Dow Jones Newswires

01-10-24 1002ET