ICE Midday:
WINNIPEG, Manitoba-- The ICE Futures canola market reversed course and retreated Friday despite mostly positive sentiment in comparable oils.
While Chicago soyoil was down, European rapeseed and Malaysian palm oil were on the rise. Crude oil was slightly above unchanged.
The Canadian dollar was unchanged compared with Thursday's close.
One analyst said Chicago soyoil prices are "something to watch" as it relates to canola. The analyst also said the large amount of farmer-held canola stocks does not bode well for the oilseed. Another analyst also warned that if the U.S. Federal Reserve decides to cut interest rates in a few months, it would strengthen the U.S. dollar, affecting commodity prices.
About 37,800 contracts have traded at 11:26 a.m. ET. Prices in Canadian dollars per metric tonne:
Canola
Price Change
Mar 591.30 dn 4.40
May 599.20 dn 5.20
Jul 606.00 dn 4.30
Nov 605.60 dn 4.40 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-09-24 1156ET
