ICE Canola Lower on Market-Wide Selloff

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were lower, caught up in a selloff affecting the futures and equities markets.

"The funds are pressing the sell button," an analyst said Thursday.

Pressure on canola was also coming from a weaker Chicago soy complex, along with declines in European rapeseed and Malaysian palm oil. Sharp losses in global crude-oil prices contributed to the downturn in vegetable oils.

The forecast for rain throughout much of Argentina and Brazil weighed on the veg oils, according to the analyst.

The Canadian dollar was lower, slipping to 72.75 U.S cents compared to Wednesday's close of 73.13.

Approximately 14,300 canola contracts were traded as of 11:21 a.m. EST.

Prices in Canadian dollars per metric ton:

Contracts Prices Change

   Jan        708.00  dn 11.50 
   Mar        713.40  dn 11.70 
   May        716.70  dn 11.80 
   Jul        720.00  dn 11.40 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

11-16-23 1202ET