WINNIPEG, Manitoba--Intercontinental Exchange canola futures were weaker by mid-session Thursday, as they followed declines in comparable oils.
There were sharp losses in Chicago soyoil along with more moderate pull backs in soybeans and European rapeseed. Meanwhile soymeal bumped up. Decreases in global crude oil prices added more pressure on the veg oils.
The April supply and demand estimates, to be published by the United States Department of Agriculture today at 12 pm ET, are unlikely to have any major effect on the markets, according to an analyst. The trade will keep on eye on U.S. corn and soybean ending stocks, as well as corn and soybean production numbers for Brazil and Argentina.
Additional pressure on canola came from its May contract falling below its 20-day and 100-day moving averages.
The Canadian dollar continued to retreat late Thursday morning as the loonie slipped to 72.89 U.S. cents compared to Wednesday's close of 73.15.
Approximately 37,250 canola contracts were traded as of 11:27 ET, with prices in Canadian dollars per metric ton:
Canola
Price Change
May 625.00 dn 13.80
Jul 636.40 dn 12.70
Nov 646.30 dn 12.40
Jan 656.10 dn 9.20
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-11-24 1155ET
