ICE Canola Follows Other Vegetable Oils Lower

WINNIPEG, Manitoba--The ICE Futures canola market drifted a bit lower on Friday due to negative sentiment in vegetable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil were all in the red. However, crude oil was up slightly despite growing U.S. stockpiles.

The Canadian dollar was up two-tenths of a U.S. cent compared to Thursday's close.

While there was still short-covering for canola, according to one analyst, a lack of price movement may be due to the Memorial Day weekend in the U.S. There will be no trading in U.S. markets until Monday evening.

Southern Manitoba will see up to 70 millimetres of rain in some areas, mostly on Friday and tapering off on Saturday.

About 15,600 contracts have traded at 10:32 CDT.

 
Prices in Canadian dollars per metric ton: 
 
Canola     Price        Change 
 Jul       670.80       dn 1.20 
 Nov       691.50       dn 2.00 
 Jan       699.20       dn 1.30 
 Mar       706.00       dn 1.00 
 

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

(END) Dow Jones Newswires

05-24-24 1203ET