ICE Canola Weaker in Morning Trade

WINNIPEG, Manitoba--The ICE Futures canola market was weaker Thursday morning, backing away from nearby highs in thin volumes as chart-based positioning weighed on values.

Chicago soyoil, European rapeseed and Malaysian palm oil futures were all lower, accounting for spillover selling pressure in the Canadian oilseed.

Relatively favorable weather conditions across the Prairies also were bearish, although recent rains delayed seeding operations in some areas.

A long-range forecast from the Australian Bureau of Meteorology calls for dry conditions in agricultural regions of the country in June followed by beneficial moisture in July.

About 4,500 canola contracts had traded as of 9:35 a.m. ET.

Prices in Canadian dollars per metric ton at 9:35 a.m. ET:

Canola 
    Price  Change 
Jul 665.00 dn 6.70 
Nov 686.60 dn 6.30 
Jan 694.70 dn 6.50 
Mar 702.00 dn 6.60 

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

(END) Dow Jones Newswires

05-30-24 1011ET