ICE Canola Pressured by Rising Canadian Dollar

WINNIPEG, Manitoba--The ICE Futures canola market was weaker, with the bearish influence of a stronger Canadian dollar more than countering the spillover support from outside markets.

The Canadian dollar was up Thursday by more than a half cent relative to its U.S. counterpart, trading at its strongest level in three months. A stronger currency cuts into crush margins while making exports less attractive to international buyers.

The nearby technical trends remain pointed lower for canola as well, with little fresh fundamental news to provide support.

However, gains in Chicago soyoil and Malaysian palm oil helped temper the declines in canola as a rally in crude oil underpinned world vegetable oil markets.

An estimated 28,400 canola contracts traded as of 11:32 a.m. EST.

Prices in Canadian dollars per metric ton:

Canola

Prices Change

Jan 657.10 dn 3.20

Mar 667.10 dn 1.20

May 674.30 dn 0.80

Jul 679.80 dn 0.90

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

12-14-23 1224ET