ICE Canola Midday: Attempting a Recovery
WINNIPEG, Manitoba--Intercontinental Exchange canola futures continued to pull back in most contracts by midday on day, but flashes of a recovery were being seen.
Canola was getting pressure from losses in Chicago soyoil, European rapeseed and Malaysian palm oil. Support was coming from strong gains in Chicago soybeans and soymeal. Small upticks in crude oil provided something of an upward direction to the oilseeds.
A trader commented canola and the oilseed markets in general were in a "jumble" with it being "difficult to get a bead on things."
He added that despite the positive week canola had, there was still a good amount of uncertainty, pointing to China's investigation in alleged canola dumping by Canada and the grain workers' strike at the Port of Vancouver.
The trader also stressed the size of the canola crop on the Prairies was unclear despite recent the reports issued by Statistics Canada and this week's report from Agriculture and Agri-Food Canada. He stated a larger-than-expected carryover for canola was likely.
By late Friday morning, the Canadian dollar fell to 74.11 U.S. cents compared to Thursday's close of 74.22.
Approximately 30,400 canola contracts were traded as of 11:31 a.m. EDT, with prices in Canadian dollars per metric ton:
Canola Price Change Nov 599.90 dn 1.00 Jan 613.70 unchanged Mar 624.70 up 0.40 May 631.80 up 0.40
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
September 27, 2024 12:06 ET (16:06 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst
-
How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks
-
Our Top Pick for Investing in US Renewable Energy