ICE Canada Morning Comment: Canola Turns Lower

WINNIPEG, Manitoba--Intercontinental Exchange canola futures stepped back on Thursday morning, correcting a multi-day rally.

While Chicago soybeans dipped there were gains in soyoil and soymeal. There were increases as well in Malaysian palm oil, and in most European rapeseed contracts. Modest upticks in crude oil underpinned the vegetable oils.

Parts of Saskatchewan continued to get rain on Thursday, while the rest of the Prairies are to get very little or no precipitation.

The November canola contract slipped below its 20-day moving averages and remained well back of its other major resistance levels.

Canola crush margins further retreated, with the November positions slipping to C$116 to C$123 per metric ton above the futures.

The Canadian dollar swung higher on Thursday morning with the loonie at 73.68 U.S. cents compared to Wednesday's close of 73.58.

Approximately 13,500 contracts were traded by 9:42 EDT and prices in Canadian dollars per metric ton were:

Canola 
         Price    Change 
Nov      581.00   dn 2.10 
Jan      593.50   dn 2.20 
Mar      604.70   dn 2.70 
May      613.20   dn 3.00 
 

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

September 19, 2024 10:20 ET (14:20 GMT)

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