ICE Canola Slips Back in Morning Trading

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were mostly lower Thursday morning, as pressure from comparable oils erased earlier gains in what appeared to be bargain hunting.

The Chicago soy complex and Malaysian palm oil were lower, while European rapeseed was mostly higher. Global crude oil prices bumped up, providing a small measure of support to the vegetable oils.

Crush margins for old crop canola nudged a little higher at C$204 per metric ton above the nearby futures.

The Canadian dollar gained ground Thursday morning with the loonie at 74.08 U.S. cents compared to Wednesday's close of 73.80.

Approximately 11,400 contracts had traded by 9:44 a.m. EST and prices in Canadian dollars per metric ton were:

 
                 Price    Change 
Canola      Mar  580.10  dn 0.70 
            May  588.50  dn 0.90 
            Jul  596.90  dn 0.90 
            Nov  601.90  dn 0.40 
 
 

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

(END) Dow Jones Newswires

02-15-24 1013ET