ICE Canola Looking to Shed Losses

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were mostly higher in choppy trading on Thursday morning.

While Chicago soybeans and soyoil slipped back, soymeal was higher. Malaysian palm oil and European rapeseed were to the downside. Modest declines in global crude oil prices added pressure on to the vegetable oils.

Daytime highs across the Prairies are expected to range from the mid-teens to low 20s Celsius. A few scattered showers have been forecast for parts of the region.

Canola crush margins gained some ground with the nearby positions remaining well in excess of C$200 per metric ton above futures.

The Canadian dollar fell back on Thursday morning with the loonie at 72.83 U.S. cents compared with Wednesday's close of 73.07.

About 13,450 contracts had traded as of 9:39 a.m. EDT.

Prices in Canadian dollars per metric ton at 9:39 a.m. EDT:

 
                 Price    Change 
Canola      Nov  711.00  dn 0.70 
            Jan  719.00  up 0.30 
            Mar  726.60  up 1.10 
            May  730.60  up 1.50 
 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

10-19-23 1007ET