WINNIPEG, Manitoba--Intercontinental Exchange canola futures fell on pressure from weakness in the Chicago soy complex.
While losses in European rapeseed added to the declines in canola on Thursday, the Malaysian palm oil market was closed for a holiday. After pushing upward, global crude-oil prices were pulling lower and weighing on vegetable-oil values.
Concerns over the South American soybean crop kept a lid on further losses in ICE canola and Chicago soy, according to a trader. The Brazil soybean harvest has already fallen back significantly while hot and dry weather in Argentina is likely to erode soybean yields.
The trader also said canola had yet to find its low, but prices were beginning to level off.
The Canadian dollar was higher Thursday at 74.69 U.S. cents compared to Wednesday's close of 74.64.
There were 43,762 contracts traded on Thursday, compared to Wednesday when 60,448 contracts changed hands. Spreading accounted for 32,070 contracts traded.
Prices are in Canadian dollars per metric ton:
Contracts Price Change Mar 601.20 dn 9.20 May 608.40 dn 9.60 Jul 612.70 dn 9.60 Nov 612.50 dn 10.20
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume Mar/May 6.60 under to 8.00 under 9,920 Mar/Jul 11.00 under to 12.00 under 458 Mar/Nov 10.90 under to 12.20 under 35 May/Jul 4.00 under to 4.70 under 4,702 May/Nov 4.30 under to 4.70 under 35 Jul/Nov 0.50 over to 0.50 under 877 Nov/Jan 4.30 under to 4.40 under 8
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
02-01-24 1536ET
