ICE Canola Retreats After Previous Session's Rise

WINNIPEG, Manitoba--The ICE Futures canola market took a step back in the middle of Thursday trading, losing some of its gains from Wednesday.

Chicago soyoil and Malaysian palm oil were down, while European rapeseed was mixed. Crude oil continued to pull back despite tightened U.S. stockpiles.

The Canadian dollar was up two-tenths of a U.S. cent compared with Wednesday's close.

One analyst said the market was testing canola's recent rally after it "blew through the technicals" on Wednesday. It remains to be seen if the May contract will hold above C$640 per metric ton, the analyst added.

About 29,400 contracts have traded at 10:10 CDT.

Prices in Canadian dollars per metric ton:

 
                  Price    Change 
Canola       May  644.60  dn 4.00 
             Jul  653.50  dn 3.70 
             Nov  661.00  dn 2.50 
             Jan  669.20  dn 1.80 
 
 

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

(END) Dow Jones Newswires

03-21-24 1140ET